IPO Details
Bidding Dates
10 Sept 25 - 12 Sept 25
Price Range ₹
56 - 61
Total Equity
₹ 167.75Cr
Lot Size
235
Exchange Status
BSE,NSE
IPO Doc
Subscription Rate
Non-Institutional Investor
164.72×
Qualified Institutional Buyers
20.30×
Employees
17.61×
Retail Investors
164.72×
Total subscription Rate
63.97×
IPO Timeline
Offer start
10 Sept 2025
Offer end
12 Sept 2025
Allotment
15 Sept 2025
Refund initiation
16 Sept 2025
Demat transfer
16 Sept 2025
Listing
17 Sept 2025
Offer start
10 Sept 2025
Offer end
12 Sept 2025
Allotment
15 Sept 2025
Refund initiation
16 Sept 2025
Demat transfer
16 Sept 2025
Listing
17 Sept 2025
About Company
Established in 2017, Dev Accelerator Limited (DevX) is a fast-growing provider of flexible office space solutions, catering to large corporates, MNCs, and SMEs. Its offerings include coworking spaces, managed offices, and customizable work environments, addressing the growing demand for agile workplaces amid rising hybrid and remote work trends. The company has expanded rapidly, now operating 28 centres across 11 Indian cities with 14,144 seats under management, covering 860,522 sq. ft. As of May 2025, DevX also signed LOIs for three new centres—including its first international centre in Sydney, Australia—along with a new leased centre in Surat. These expansions will add 11,500 seats across 897,341 sq. ft., significantly boosting capacity. Through its subsidiary, Neddle and Thread Designs LLP, the company also provides workspace design and execution services, creating a value-added ecosystem for clients.
Year Founded
05-09-2020
Promotor Details
Parth Shah
Promoter Holdings Details
| Particular | Pre-IPO | Post-IPO |
|---|---|---|
| Percentage | 49.8 | 0 |
| Share Capital | 33201850 | 0 |
Offer to Public
2,75,00,000.00 Cr
Highlights
- Revenue grew 62% YoY and PAT surged 303% in FY25, showcasing strong demand and operational scalability.
- Reflects efficient operations and healthy cash flow generation, rare in the coworking space industry.
- Presence in 28 centres across 11 cities, with international expansion to Sydney marking global ambitions.
- Over 250 clients across corporates, MNCs, and SMEs, reducing revenue dependency on any single segment.
- Neddle and Thread Designs LLP offers workspace design and execution, creating additional revenue streams.
Challenges
- Debt-to-equity ratio of 2.39 indicates heavy leverage, which increases interest burden and risk during downturns.
- Despite strong EBITDA, net profitability is weak, limiting retained earnings and valuation comfort.
- IPO priced at P/E 233x (pre-IPO) / 315x (post-IPO), which looks stretched compared to industry peers.
- Faces stiff competition from established coworking players like WeWork, Awfis, Smartworks, and traditional commercial leasing.
- Aggressive expansion to international and new Indian cities poses risks of underutilization and higher costs if demand softens.
Financials
| Years | Total Assets | Share Capital | Profit After Tax | Consolidated Net Profit | Adjusted EPS |
|---|---|---|---|---|---|
| 2023 | 2,782.26 | 35.90 | -75.12 | -75.13 | -1.5161 |
| 2022 | 998.18 | 35.89 | -128.30 | -128.30 | -2.3733 |
| 2024 | 3,977.10 | 35.92 | 17.73 | 17.32 | 0.2597 |
| 2025 | 5,262.05 | 169.16 | -75.12 | -75.13 | -1.5161 |
