Finbud Financial Services IPO...
31 Oct, 2025
Dev Accelerator IPO
The Dev Accelerator IPO is a book-built fresh issue of 2.35 crore equity shares in a price band of ₹56 and ₹61 per share, having a face value of ₹2 each, with no offer for sale and an aggregate of approximately ₹143.35 crore. The IPO bidding period is between 10–12 September, the allotment date is on 15 September and the listing date is on 17 September. The company is expected to list on both exchanges- NSE & BSE. The lot size is 235 shares, meaning investors can apply for a minimum of 235 shares with ₹14,335 at an upper band. The issue also has a shareholders' reservation of 3.29 lakh shares for the eligible shareholders of Dev Information Technology Limited.
Company Background
Founded in 2017, Dev Accelerator (Marketed under the workspace platform name – DevX) is a provider of flexible workspace services operating with a focus on the Tier-2 city expansion, with a presence in Tier-1 city markets offering fully managed office solutions and coworking spaces for companies, MNCs and SMEs. By mid-2025, a network of 28 centres spread over 11 cities with about 14,144 seats across 8.6 lakh sq ft serving over 250 clients, up from earlier footprints of about 25 centers across 11 cities with roughly 12,691 to 14,000 seats reported around the 2024-25 updates.
Operations & Product Range
Facility & Production
Dev Accelerator IPO has a distinctive asset-light and asset-backed model through which it provides fit-out, design-build and managed office services, with capex invested in interiors and technology fit-outs in new centers. The proceeds of the IPO are to be used for financing capital expenditure for fit-outs at the proposed centers, marking an ongoing increase in operational capacity and quality of spaces. Operations delivery includes siting, interior design and implementation, IT infrastructure, facility management and ongoing operations that guarantee uptime and service standards for enterprise customers looking for 100 – 500 seat managed services solutions.
Brands & Market Presence
DevX is the consumer-facing workspace brand among the premium flexible workspace providers in Tier 2 cities, including Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, Rajkot, Vadodara, along with centres in Delhi NCR, Mumbai, Hyderabad, Pune, to cater to pan-India portfolios. As of May 31, 2025, the company has 250+ enterprise and SME clients and an 8.6 lakh sq ft managed portfolio, creating market recall for enterprise-grade managed offices and turnkey workspace solutions.
Revenue Channels
- Managed office solutions (100–500 seat enterprise deals) are the largest contributor, accounting for about ₹93.38 crore or nearly 59% of FY25 revenue, driven by contracted seat capacity and long-term agreements.
- Coworking (flex seats and private cabins) adds recurring monthly membership revenue, complementing enterprise contracts and improving center-level occupancy and yield.
- Design and execution services via Neddle and Thread Designs LLP provide project-based fit-out revenue, often upstream to managed office contracts and new center launches.
- IT/ITeS and facility management services through Saasjoy Solutions Private Limited and internal ops contribute ancillary and recurring service income tied to the installed base.
Management & Shareholding
Promoters & Shareholding
Pranav Niranjan Pandya, Amisha Jaimin Shah, Kruti Pranav Pandya, Rushit Shardulkumar Shah, Jaimin Jagdishbhai Shah, Umesh Satishkumar Uttamchandani and Dev Information Technology Limited (a company engaged in a similar line of business) are the Dev Accelerator IPO’s promoters, which constitute a combination of founder-operators and a strategic corporate promoter. The IPO is a 100% fresh issue and does not contain any OFS, which in turn means primary dilution to fuel growth, even as the promoter control remains with the founding group and strategic promoter post listing.
Board Members
The board and leadership of Dev Accelerator IPO combine workspace operations, design-build and technology services, along with enterprise-focused managed office delivery, underpinned by Pantomath Capital Advisors as the BRLM and Kfin Technologies as registrar to the issue.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Dev Accelerator IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Dev Accelerator IPO Details
| Detail | Description |
|---|---|
| IPO Date | September 10, 2025 to September 12, 2025 |
| Listing Date | - |
| Face Value | ₹2 per share |
| Issue Price Band | ₹56 to ₹61 per share |
| Lot Size | 235 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 2,35,00,000 shares (aggregating up to ₹143.35 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 6,66,87,515 shares |
| Share Holding Post Issue | 9,01,87,515 shares |
Dev Accelerator IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Wed, Sep 10, 2025 |
| IPO Close Date | Fri, Sep 12, 2025 |
| Tentative Allotment | Mon, Sep 15, 2025 |
| Initiation of Refunds | Tue, Sep 16, 2025 |
| Credit of Shares to Demat | Tue, Sep 16, 2025 |
| Tentative Listing Date | Wed, Sep 17, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 12, 2025 |
Dev Accelerator IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 235 | ₹14,335 |
| Retail (Max) | 13 | 3,055 | ₹1,86,355 |
| S-HNI (Min) | 14 | 3,290 | ₹2,00,690 |
| S-HNI (Max) | 69 | 16,215 | ₹9,89,115 |
| B-HNI (Min) | 70 | 16,450 | ₹10,03,450 |
Dev Accelerator IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 49.80% |
| Promoter Holding Post Issue | 36.80% |
Competitive Strength:
- ● Strong Tier-2 city positioning with enterprise-grade managed offices across 11 cities, balanced by presence in key Tier-1 hubs to serve distributed client portfolios.
- ● Integrated offering across managed offices, coworking, design-build, IT/ITeS and facilities services, creating multi-revenue streams and lifecycle client engagement.
- ● Growing installed base: 28 centers, 14,144 seats and 8.6 lakh sq ft as of May 31, 2025, indicating scale and operating leverage potential as occupancy ramps.
- ● Pure fresh issue with clear capex allocation to new center fit-outs and deleveraging via debt repayment, supporting balance sheet strength and growth capacity.
Dev Accelerator IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 540.38 | 178.89 | 1.74 | 54.79 | 130.67 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 411 | 111 | 0 | 29 | 101.05 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 282.42 | 71.37 | -12.83 | 1.22 | 33.2 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROCE | 25.95% |
| Debt/Equity | 2.39 |
| RoNW | 3.24% |
| PAT Margin | 1.00% |
| EBITDA Margin | 50.64% |
| Price to Book Value | 7.94 |
| - | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 0.26 | 0 |
| P/E (x) | 233.25 | 315 |
Objectives of Dev Accelerator IPO
- Capital expenditure of about ₹73.1 crore for fit-outs in proposed centers to add seats and improve quality and yield across the network.
- Debt repayment of approximately ₹35 crore, including redemption of non-convertible debentures, to reduce finance costs and strengthen the balance sheet.
- General corporate purposes to support working capital, technology and expansion-related overheads required for scale execution.
Conclusion
Dev Accelerator IPO provides an opportunity to invest in a player operating in the flexible workspace segment in India, with a clear strategy tilted towards Tier-2 markets and enterprise-managed offices, with a growing network of centers, multi-stream revenues and end-to-end services around design, IT and operations. With 100% fresh issue marked for fit-out capex and deleveraging, the issue structure is aligned with capacity-led growth and margin improvement through occupancy ramp and clarity on primary market participation through lot size and timeline.
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Frequently asked Questions (FAQs )
-
When will the Dev Accelerator IPO open and be listed?
The IPO is opening on September 10 and closing on September 12; allotment will be on September 15, while tentative listing on NSE and BSE is on September 17.
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What is the issue size and its structure?
The size of the total issue is approximately ₹143.35 crore as a 100% fresh issue of 2.35 crore shares and there will be no offer for sale element.
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What are the Dev Accelerator IPO proceeds to be used for?
The amount raised will be used to fund fit-out capex (₹73.1 crore) for the new centers, repay debt (₹35 crore, including NCD redemption) and for general corporate purposes.
-
What is the business of Dev Accelerator?
It runs managed office and coworking centers under the DevX brand and provides design-build, IT/ITeS and facility management services in 11 Indian cities.
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