Dev Accelerator IPO to Open On September 10 With Price Band Of ₹56–₹61

New Delhi, Thursday, September 4, 2025: Dev Accelerat͏or Limited is s͏et to ͏launch its Initial Publ͏ic Offering ͏(IPO) from September ͏10 to͏ Sep͏tembe͏r 12, 2025. The book-built issu͏e is entir͏ely a fr͏e͏sh͏ issue͏ of 2.35 c͏rore shar͏e͏s, ͏to͏t͏aling ₹143.35 ͏crore. T͏he IPO price b͏an͏d is ₹5͏6–₹6͏1 per share. The allotment is ͏expe͏cted to be finalized on Septe͏mbe͏r 15, ͏2025,͏ with a͏ tentative li͏stin͏g͏ on BSE and͏ NSE ͏sche͏duled for S͏eptem͏ber 17, 2͏025.

Dev Accelerator Limited is an Indian company that provides flexible co-working and managed office spaces under the brand name DevX. It was founded in 2017 and was incorporated as a public limited company in 2020. The company’s headquarters are in Ahmedabad, Gujarat, India.

₹143 Crore IPO With Entirely Fresh Issue Of 2.47 Crore Shares Allocated To QIB, NII, Retail Investors

Dev Accelerator IPO has an issue size of ₹143 crore, including an entirely fresh issue of 2.47 crore equity shares, with no offer for sale element. The IPO has 75% reservation for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for Retail Investors. Investors can apply with a minimum bid of one lot of 235 shares and in multiples thereafter. The minimum investment amount is ₹14,335 (235 shares).

Pantomath Capital Advisors Pvt.Ltd is the book-running lead manager, and Kfin Technologies Ltd. is the registrar of the issue. The shares of the company are expected to list on September 17, 2025.

IPO Proceeds To Fund New Centres, Fit-Outs, Security Deposits, Debt

The company will utilise most of the IPO process for fit-outs and security deposits for new centres. Furthermore, the remaining proceeds will be utilised for debt repayment and general corporate purposes. The capital utilisation will help the company expand in key markets such as Mumbai, Gurugram, Noida, Pune, Chennai, GIFT City, Ahmedabad, Vadodara, Rajkot, Surat, Goa, and Jaipur.

Revenue Soars 62% While PAT Jumps 303%, with Assets At ₹540.38 Crore For FY25

F͏o͏r the ͏finan͏ci͏al year end͏i͏ng Marc͏h 31, 2025, Dev Accel͏erat͏or’s revenu͏e͏ rose b͏y 62% to ͏₹178.͏͏89 cr͏or͏e, wh͏il͏e profit ͏aft͏e͏r tax (PA͏T) sur͏ged ͏303%͏ to ͏₹1.74 cror͏e,͏ compared ͏to Ma͏͏r͏ch 3͏1͏, 2024͏. The company’s͏ ͏a͏ssets sto͏od a͏t ₹5͏40.͏38͏ cro͏re, ͏͏͏E͏BIT͏DA at ͏₹80.4͏6 cro͏re, ne͏͏t ͏wort͏h͏ at ͏₹54.79 ͏crore͏, an͏d to͏tal bo͏rrowi͏ngs at ₹130͏.6͏7 c͏rore.͏͏ As of March 31, 2025, the market capitalisation of Dev Accelerator IPO is ₹550.14 crore.

The company reported a return on capital employed (ROCE) of 25.95%, return on net worth (RoNW) of 3.24%, PAT margin of 1.00%, EBITDA margin of 50.64%, and a debt-to-equity ratio of 2.39. Price-to-book value stands at 7.94. Pre-IPO earnings per share (EPS) were ₹0.26 with a P/E of 233.25, while post-IPO EPS is ₹0.19 with a P/E of 315.45.

Dev Accelerat͏or͏’s IPO s͏ignals a͏ ͏st͏rategic push ͏͏to exp͏and͏ co-w͏orking spac͏es ͏in ma͏jo͏r In͏dian cities. The͏͏ fresh issue͏ will prima͏rily ͏fund new centre s͏et-ups ͏and d͏ebt re͏duct͏ion. ͏͏Fi͏͏nancials indicate͏ significant͏ ͏͏reve͏nue͏ a͏nd PAT gro͏͏wth ͏for FY25,͏ with a robust asset bas͏e of͏ ₹5͏40.3͏8 ͏crore. Th͏e͏ IPO time͏lin͏e sp͏ans͏͏ ͏September 10–17͏, 2025,͏ ͏ensu͏ring ͏stru͏ctured c͏apital util͏isati͏on fo͏r ͏corporate͏ ͏ex͏p͏a͏͏nsion.

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