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Dev Accelerator IPO
Price Band
₹56.0–61.0
Issue Size
₹143.35 Cr
Lot Size
235 shares
Min Investment
₹14,335
GMP
+₹6.0 (9.84%)
Issue Price
₹61.0
Subject to Sauda
₹1100
Paid only if allotted
Dev Accelerator IPO AI Summary
- Dev Accelerator IPO is listed on BSE, NSE in the Diversified Commercial Services sector.
- Price band: ₹56.0–₹61.0 per share, lot size 235 shares (min. investment ₹14,335).
- Subscription window: 10 Sep–12 Sep 2025, listing on 17 Sep 2025.
- Current GMP is +₹6.0 (9.84%), an estimated listing price of ₹67 — unofficial and can change daily.
Dev Accelerator Limited is set to offer its shares to the public with a focus on flexible workspace solutions. With a growing presence in major cities and plans for expansion, the IPO aims to raise ₹143.35 Cr to support its growth strategy. Investors should consider the company's financial performance and market conditions before participating.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Dev Accelerator IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 12 Sep 2025 — not a current signal.
2 of 2 reviewers say Neutral
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Dev Accelerator IPO Grey Market Premium (GMP) Today
GMP
+₹6.0
GMP %
+9.84%
Est. Listing
₹67.0
Updated: 25 Jul 2026 14:12
About the Company
Established in 2017, Dev Accelerator Limited, commonly known as DevX, provides flexible office spaces, including coworking environments. The company has expanded its presence to 15 centers across India, encompassing major cities such as Delhi-NCR, Hyderabad, Mumbai, and Pune. The company's business model focuses on providing flexible workspace solutions tailored to the evolving needs of modern businesses. This includes offering customizable desks and suites, accommodating remote work trends, and providing flexible lease options. As of May 31, 2025, the company serves over 250 clients and has 28 centres across 11 cities in India, with 14,144 seats covering a total area under management of 860,522 square feet. The company have signed Letters of Intent (LOIs) for three new centers, including the company's first international centre in Sydney, Australia. Additionally, we have leased space for a new center in Surat. These upcoming centers will offer 11,500 seats across a total area of 897,341 sq. ft. Dev Accelerator Limited provide flexible office space solutions, including managed offices and coworking spaces, to large corporates, MNCs, and SMEs. The company's subsidiary, Neddle and Thread Designs LLP, also offers design and execution services.
Company Financials (₹ Cr)
As of 2025-03-31
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 540.38 | 411.09 | 282.42 |
| Total Income | 178.89 | 110.73 | 71.37 |
| Profit After Tax | 1.74 | 0.43 | -12.83 |
| EBITDA | 80.46 | 64.74 | 29.88 |
| NET Worth | 54.79 | 28.79 | 1.22 |
| Total Borrowing | 130.67 | 101.05 | 33.20 |
Key Ratios
EPS
₹0.26
NAV
₹7.68
ROCE
25.95%
RoNW
3.24%
P/B Value
7.94
P/E Ratio
233.25
Market Cap
₹550.14 Cr
PAT Margin
1.00%
Debt/Equity
2.39
Peer Comparison
| Company | NAV | P/E (x) | EPS Basic | EPS Diluted | RoNW |
|---|---|---|---|---|---|
| Indiqube Spaces | -0.24 | -28.69 | -7.65 | -7.65 | — |
| Smartworks Coworking Spaces | 10.45 | -74.04 | -6.18 | -6.18 | -58.56% |
| Awfis Space Solutions | 64.71 | 60.95 | 9.75 | 9.67 | 14.78% |
| Dev Accelerator This IPO | 7.68 | — | 0.27 | 0.27 | 3.24% |
Promoters
Parth Shah, Umesh Uttamchandani, Rushit Shah and Dev Information Technology Ltd.
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Capital expenditure for fit-outs in the new Centres and for security deposits of the new Centres. 73.12 2 Repayment and/or pre-payment, in full or part, of certain borrowings availed by Company including redemption of NCDs 35.00 3 General Corporate Purposes 19.26 4 Issue Expenses 15.97 Total 143.35
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income for the year ending 31 Mar 2025 was ₹178.89 Cr, up from ₹110.73 Cr for the year ending 31 Mar 2024, indicating a significant increase. This growth follows an income of ₹71.37 Cr for the year ending 31 Mar 2023, showing a consistent upward trend in revenue over the three periods.
Profit Trend
Profit after tax for the year ending 31 Mar 2025 was ₹1.74 Cr, compared to ₹0.43 Cr for the year ending 31 Mar 2024. This is an improvement from a loss of ₹12.83 Cr for the year ending 31 Mar 2023. The figures indicate a recovery in profitability, with the company moving from a loss to a profit over the three periods.
Valuation
At the issue price of ₹61.0, Dev Accelerator has an implied P/E ratio of 233.25 based on its earnings per share (EPS) of ₹0.26. This is significantly higher compared to its peers, which have P/E ratios ranging from -74.04 to 60.95.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an unofficial indicator of the expected listing price of an IPO. It reflects the demand for the shares in the grey market prior to their official listing. A positive GMP suggests that the shares may list at a higher price than the issue price, while a negative GMP indicates the opposite.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against the company's growth potential and market conditions. It's important to consider the overall financial health and business model of the company.
Who May Want to Wait
Investors who are risk-averse or prefer stable, established companies may want to avoid IPOs like this, especially if they are concerned about potential volatility and the company's recent financial performance.
IPO Timeline, Explained
The IPO process for Dev Accelerator includes several key dates: the issue opens on 10 Sep 2025 and closes on 12 Sep 2025. Allotment of shares will be done on 15 Sep 2025, with the listing expected on 17 Sep 2025.
Listing Gains — The Risk
Listing-day gains can be unpredictable and are influenced by various factors, including market conditions, investor sentiment, and the company's performance post-IPO. Investors should be aware that while some IPOs may experience significant gains on their listing day, others may not perform as well.
This evaluation is generated from Dev Accelerator's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Dev Accelerator IPO GMP today?
Dev Accelerator IPO GMP today is +₹6.0 (9.84%), indicating an estimated listing price of ₹67. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Dev Accelerator IPO?
The price band of Dev Accelerator IPO is ₹56.0–₹61.0 per share.
When does Dev Accelerator IPO open and close?
Dev Accelerator IPO opens on 10 September 2025 and closes on 12 September 2025.
When does Dev Accelerator IPO list on the stock exchange?
Dev Accelerator IPO listed on 17 September 2025 at ₹67.0.
What is the lot size for Dev Accelerator IPO?
The lot size for Dev Accelerator IPO is 235 shares, requiring a minimum investment of ₹14,335.
What is the lot size for this IPO?
The lot size for the Dev Accelerator IPO is 235 shares.
What is the minimum investment required?
The minimum investment required for this IPO is ₹14,335.
What is the price band for the shares?
The price band for the shares is between ₹56.0 and ₹61.0.
When does the IPO open and close?
The IPO opens on 10 Sep 2025 and closes on 12 Sep 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of an IPO based on demand in the unofficial market.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
10 Sep 2025
Close
12 Sep 2025
Allotment
15 Sep 2025
Listing
17 Sep 2025
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