Dev Accelerator IPO Opens Tomorrow: Key Details About The IPO

New Delhi, September 9, 2025: The Initial Public Offering (IPO) of Dev Accelerator Ltd (DevX) will open tomorrow, on September 10, 2025. Investors who want to apply to the issue can use their bank’s ASBA or UPI mandate for the application process.

DevX is an Indian company that provides comprehensive office space solutions, including sourcing, customising, and developing office spaces, with technology integration and asset management. Its offerings include managed and coworking spaces, HVAC and facility management, and workspace design services through its subsidiary, Neddle and Thread Designs LLP. Currently, the company operates 25 centers in 11 Indian cities and serves over 230 clients.

Price Band Of ₹56-₹61 Per Share

The company has announced a price band of ₹56–₹61 per share, with a minimum lot size of 235 shares, amounting to a minimum investment amount of ₹14,335 at the upper price band. The issue size is ₹143 crore, and the issue is entirely a fresh issue, with no offer-for-sale component. Dev Accelerator IPO opens tomorrow and will be live until September 12, 2025. The shares are expected to list on September 17, 2025.

The company has set the UPI mandate deadline at 5:00 PM on September 12, 2025. The share allotment finalisation is expected on September 15, while the credit of shares and refund initiation are scheduled on September 16, 2025.

Revenue At ₹327.4 While PAT At ₹26.9 Crore

DevX has showcased consistent financial growth over the past three years. Revenue from operations increased from ₹182.3 crore in FY23 to ₹248.6 crore in FY24 and further to ₹327.4 crore in FY25, a 31.7% year-on-year rise in FY25. EBITDA rose from ₹31.5 crore in FY23 to ₹62.8 crore in FY25, while profit after tax (PAT) grew from ₹12.1 crore in FY23 to ₹26.9 crore in FY25. Net worth also improved from ₹68.4 crore in FY23 to ₹114.3 crore in FY25.

Fund Usage

The company plans on using the IPO proceeds primarily for expansion and strengthening its financial position. The company has allocated ₹73.10 crore for new centres (on a lease basis) in major cities, including Ahmedabad, Pune, and Chennai. Around ₹35 crore will be spent on repayment of debt. The remaining amount is earmarked for general corporate purposes.

For retail investors, the issue brings an opportunity to align with a leading company in the fast-growing flexible workspace market. The financial position and performance of the company in the past few years have been solid. However, it is always advisable to understand and account for the risk factors associated with the company, sector, and the issue under consideration.

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