| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹ 56 to ₹ 61 | 235 | 10th Sep, 2025 –12th Sep, 2025 | ₹143.35 Cr |
Dev Accelerator Ltd
Dev Accelerator Limited, commonly known as DevX, functions as a flexible workspace and coworking provider, offering a range of services including coworking spaces, managed offices, design-build solutions, and asset management. The company also integrates workspace customization with technology, positioning itself as a comprehensive solution for enterprises seeking flexible office infrastructure. As of FY24, DevX operated 25 centers across 11 Indian cities, spanning both Tier 1 and Tier 2 locations, including Delhi NCR, Ahmedabad, Hyderabad, Mumbai, Pune, Jaipur, Udaipur, Indore and Rajkot. It manages over 806,635 square feet across 12,691 seats, serving over 230 clients. The company has also entered into Letters of Intent with space owners for 3 additional centers, including one international Center in Sydney, Australia, and have also entered into a lease deed for setting up a Center in Surat. These upcoming centers will have 11,500 seats, aggregating 897,341 sq. ft. The company’s clientele comprises of large corporates, MNCs and SMEs, to whom they offer a variety of flexible office space solutions such as managed office spaces and coworking spaces, as well as design and execution services through their subsidiary, Neddle and Thread Designs LLP. The following are the flexible workspace solutions provided by the company: managed office spaces, coworking spaces and design and execution services. The main focus is on serving large corporates by offering managed office solutions. The revenue contribution from managed office space solutions in FY24, FY23 and FY22 stood at Rs. 740.4 million, Rs. 353.1 million and Rs. 170.6 million, respectively, constituting 68.5%, 50.5% and 55.3%, respectively, of the revenue from operations.
Objective of the Dev Accelerator Ltd IPO
The company proposes to utilize the net proceeds towards funding the following objects:
- Capital expenditure for fit-outs in the proposed centers;
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company, including redemption of non-convertible debentures issued by the company (“NCDs”); and
- General corporate purposes.
Rationale To Dev Accelerator Ltd IPO
Pan-India presence with consistently high occupancy a key competitive advantage
DevX has demonstrated strong execution capabilities, underpinned by a deep understanding of market dynamics and customer needs. Leveraging local relationships and on-ground networks, the company has scaled its operations across 11 cities, including key Tier 1 hubs like Mumbai, Noida, Pune, and Hyderabad, while maintaining a stronghold in Tier 2 markets such as Ahmedabad, Jaipur, and Vadodara. As of August 31, 2024, DevX manages a total operational area of 806,635 sq. ft., with a pan-India presence. The company has consistently delivered high occupancy levels, averaging above 80% over the past three fiscal years (FY22-FY24), with 83.1% occupancy rate as of August 2024, indicative of strong demand, client satisfaction, and optimal space utilization. DevX’s ability to offer customizable, competitively priced workspace solutions across both Tier 1 and Tier 2 markets continue to support its growth trajectory. Between March 31, 2022 and March 31, 2024, DevX recorded robust expansion, with operational centers, seats, and super built-up area growing at a CAGR of 66.7%, 39.9%, and 53.1%, respectively, reflecting both strong market positioning and executional efficiency.
Expansion into new and existing markets provide further tailwinds to performance
DevX’s expansion strategy is underpinned by a data-driven, criteria-based location assessment framework that evaluates market potential, infrastructure readiness, competitive landscape, and demographic trends. This structured approach ensures alignment with the company’s long-term objectives and enhances the likelihood of successful center launches. India’s flex space market continues to demonstrate strong momentum, with segment penetration in total office stock increasing from 3.0% in 2020 to 6.3% currently. Penetration is expected to rise to 8-9% over the next five years, indicating sustained demand and structural tailwinds. In line with these trends, DevX is actively deepening its presence in existing markets and selectively entering new geographies. The company has signed Letters of Intent (LoI) to establish new centers in Ahmedabad and Pune, and a lease deed for a new Surat center targeted to go live within the current fiscal. These expansions are expected to strengthen regional presence and add operational capacity. Notably, DevX is also making its foray into international markets with an LoI signed for a managed office space center in Sydney, Australia. The move aligns with global flex space trends, particularly in gateway cities with strong startup and SME ecosystems. This measured yet forward-looking expansion strategy positions DevX to capitalize on both domestic and international market opportunities, while maintaining a disciplined approach to portfolio growth.
Valuation of Dev Accelerator Ltd IPO
DevX is a leader in India’s fast-growing Tier-2 flexible workspace market, with about 57% of its revenue coming from Ahmedabad, Jaipur, and Vadodara which are non-metro locations. This strategy aligns with the post-COVID trend of rising demand for cost-effective workspaces in smaller cities. Post-COVID, the flex segment has accounted for a 17-18% share of the annual gross leasing on average. Going forward, the trend of flex space expansion is expected to continue with the operational flex stock estimated to double over the next five years and reach 129 million sq. ft. by 2028, which is a big positive for DevX. Financially, the company demonstrated a robust topline growth at a CAGR of 50.8% during FY2023-25 period, reaching Rs. 1,589 million in FY25. The company recently turned profitable, with a PAT of Rs. 17.44 million in FY25 which narrowed down from a loss of Rs. 128 million in FY23. The company also has a healthy EBIDTA margin of 50.6% which is the best amongst its peers. EV/EBIDTA of DevX is approximately 8.4x compared to its peers having EV/EBIDTA in the range of 10-12x. With operating leverage likely to kick-in going ahead, the company’s financial performance is expected to improve further. Therefore, we believe that consistent high utilization, margin expansion and rapid scale-up holds potential to deliver robust business performance going ahead. Given its strong financial performance and operating metrics, strategic positioning in Tier 2 markets and industry tailwinds, we recommend a “SUBSCRIBE” rating for the issue from a medium to long term perspective.
What is the Dev Accelerator Ltd IPO?
The initial public offer (IPO) of Dev Accelerator Limited offers an early investment opportunity in Dev Accelerator Ltd . A stock market investor can buy Dev Accelerator Ltd IPO shares by applying in IPO before All Dev Accelerator Ltd shares get listed at the stock exchanges. An investor could invest in Dev Accelerator Ltd IPO for short term listing gain or a long term.
How to apply for the Dev Accelerator Ltd IPO through StoxBox?
To apply for the Dev Accelerator Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Dev Accelerator Ltd IPO open?
Dev Accelerator Ltd IPO is opening on 10th Sep 2025. Apply Now
What is the lot size of the Dev Accelerator Ltd IPO?
The Lot Size of Urban Company Limited IPO is 235 equity shares. Login to your account now.
When is the Dev Accelerator Ltd allotment date?
The allotment Date for Dev Accelerator Ltd IPO is 15th Sep 2025. Login to your account now.
When is the Dev Accelerator IPO listing date?
The listing Date for Dev Accelerator Ltd IPO is 17th Sep 2025. Login to your account now
What is the minimum investment required for the Dev Accelerator Ltd IPO?
In the Retail segment the minimum investment required is Rs. 14,335. Login to your account now
What is the maximum investment allowed for the Urban Company Limited IPO?
In the Retail segment the maximum investment requirement is Rs. 1,86,355. Login to your account now
What are the risks associated with investing in the Dev Accelerator Ltd IPO?
- The land and building at any of the company’s centers is not owned by them. Hence, any issues in the title or ownership of land and building where these centers are located may result in disputes, impacting the profitability of the company.
- The company has acquired 43.7% of the paid-up equity share capital of Janak Urja Pvt. Ltd., in pursuance of the PropCo-Opco model. If the company fails to realise financial benefits, it may affect the financial condition and results of operations of the company.
When will the Dev Accelerator Ltd IPO shares be credited to my Demat account?
The Dev Accelerator Ltd IPO be credited to the account on allotment date which is 16th Sep 2025. Login to your account now
Where can I find the Dev Accelerator Limited IPO prospectus?
The prospectus of Dev Accelerator Limited IPO prospectus can be find on the website of SEBI, NSE and BSE
