Dev Accelerator IPO Description – Dev Accelerator is among the leading flexible workspace operators in India, particularly in Tier 2 markets, where it ranks as one of the largest players in terms of operational flex. Established as a comprehensive workspace solutions provider, the company has built a strong presence across 11 key Indian cities, including Delhi NCR, Mumbai, Hyderabad, Pune, Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, Rajkot, and Vadodara.
As of 31 May 2025, Dev Accelerator manages 28 centers with 14,144 seats, covering a total super built-up area of 8,60,522 sq. ft., and serving over 250 clients comprising large corporates, MNCs, and SMEs. The company’s offerings span managed office spaces, coworking spaces, design and execution services (via subsidiary Neddle and Thread Designs LLP), payroll management, facility management, and IT/ITeS services (through Saasjoy Solutions Private Limited).
Its managed office segment, catering to enterprises with 100–500 seat requirements, remains the largest revenue contributor, generating INR 93.38 crore in FY25 (58.77% of total revenue).
Promoters of Dev Accelerator – Parth Naimeshbhai Shah, Umesh Satishkumar Uttamchandani, Rushit Shardulkumar Shah, Jaimin Jagdishbhai Shah, Pranav Niranjan Pandya, Amisha Jaimin Shah, Kruti Pranav Pandya, and Dev Information Technology Limited
Table of Contents
DevX IPO Details
| Dev Accelerator IPO Dates | 10 – 12 September 2025 |
| DevX IPO Price | INR 56 – 61 per share |
| Shareholder Quota | 3,29,000 shares, no discount |
| Employee Quota | 1,64,500 shares, no discount |
| Fresh issue | 2,35,00,000 shares (INR 131.60 – 143.35 crore) |
| Offer For Sale | Nil |
| Total IPO size | 2,35,00,000 shares (INR 131.60 – 143.35 crore) |
| Minimum bid (lot size) | 235 shares (INR 14,335) |
| Face Value | INR 2 per share |
| Retail Allocation | 10% |
| Listing On | BSE, NSE |
Dev Accelerator Financial Performance
| FY 2023 | FY 2024 | FY 2025 | |
| Revenue | 69.91 | 108.09 | 158.88 |
| Expenses | 87.50 | 119.50 | 175.15 |
| Net income | (12.83) | 0.44 | 1.77 |
| Margin (%) | (18.35) | 0.41 | 1.11 |
Dev Accelerator Offer News
- Dev Accelerator IPO Review
- Dev Accelerator RHP
- Dev Accelerator DRHP
- ASBA IPO Forms
- Live IPO Subscription Status
- IPO Allotment Status
Dev Accelerator Valuations & Margins
| FY 2023 | FY 2024 | FY 2025 (Pre-Issue) | FY 2025 (Post-Issue) | |
| EPS | (2.55) | 0.08 | 0.27 | 0.19 |
| PE Ratio | – | – | 207.41 – 225.93 | 294.74 – 321.05 |
| FY 2023 | FY 2024 | FY 2025 | |
| RONW (%) | (1,049.92) | 1.52 | 3.24 |
| NAV | (0.43) | 4.10 | 7.68 |
| ROCE (%) | 3.65 | 17.31 | 25.95 |
| EBITDA (%) | 42.74 | 59.90 | 50.64 |
| Debt/Equity | 27.17 | 3.51 | 2.39 |
Dev Accelerator IPO GMP Today (Daily Trend)
| Date | Day-wise IPO GMP | Kostak | Subject to Sauda |
| 16 September 2025 | 9 | – | 1,600 |
| 15 September 2025 | 9 | – | 1,600 |
| 12 September 2025 | 8 | – | 1,400 |
| 11 September 2025 | 11 | – | 1,800 |
| 10 September 2025 | 11 | – | 1,800 |
| 9 September 2025 | 10 | – | 1,700 |
| 8 September 2025 | 10 | – | 1,700 |
Dev Accelerator Offer Objectives
The company proposes to utilize the Net Proceeds from the Issue towards the following objects:
- Capital expenditure for fit-outs in the proposed centers – INR 73.12 crore
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company, including redemption of non-convertible debentures – INR 35 crore
- General Corporate Purposes
Dev Accelerator IPO Subscription – Live Updates
| Category | QIB | NII | Retail | Emp | Shareholder | Total |
|---|---|---|---|---|---|---|
| Shares Offered | 69,01,950 | 34,50,975 | 23,00,650 | 1,64,500 | 3,29,000 | 1,31,47,075 |
| 12 Sep 2025 | 20.30 | 87.97 | 164.50 | 17.60 | 46.97 | 63.97 |
| 11 Sep 2025 | 2.40 | 15.36 | 59.31 | 6.16 | 13.39 | 16.08 |
| 10 Sep 2025 | 1.16 | 4.46 | 19.55 | 2.34 | 4.15 | 5.33 |
1,03,52,925 shares allotted to anchor investors are not included in these calculations.
Dev Accelerator – Comparison With Listed Peer
| Company | PE ratio | EPS | RONW (%) | NAV | Revenue (Cr.) |
| Dev Accelerator | 321.05 | 0.27 | 3.24 | 7.68 | 158.88 |
| Awfis Space Solution | 60.95 | 9.67 | 14.78 | 64.71 | 1,207.54 |
| Smartworks Coworking | (74.04) | (6.18) | (58.56) | 10.45 | 1,374.06 |
| Indiqube Spaces | (28.69) | (7.65) | NA | (0.24) | 1,059.29 |
Dev Accelerator IPO Allotment Status
Dev Accelerator IPO allotment status is now available on the KFin Tech website. Click on this link to get the allotment status.
Dev Accelerator IPO Dates & Listing Performance
| IPO Opening Date | 10 September 2025 |
| IPO Closing Date | 12 September 2025 |
| Finalization of Basis of Allotment | 15 September 2025 |
| Initiation of refunds | 16 September 2025 |
| Transfer of shares to demat accounts | 16 September 2025 |
| Dev Accelerator IPO Listing Date | 17 September 2025 |
| Opening Price on NSE | INR 61 per share (no change) |
| Closing Price on NSE | INR 64.05 per share (up 5%) |
Dev Accelerator IPO Reviews – Subscribe or Avoid?
Angel One –
Anand Rathi –
Axis Capital – Not rated
Antique Stock Broking –
Arihant Capital – Neutral
Ashika Research –
Asit C Mehta – Not rated
BP Wealth – Subscribe
Capital Market – Neutral
Canara Bank Securities –
Choice Broking –
Dalal & Broacha –
Elite Wealth – Not rated
GCL Broking –
Geojit –
GEPL Capital – Avoid
Hem Securities –
ICICIdirect –
Investmentz –
Jainam Broking – Neutral
DR Choksey –
Lakshmishree – Subscribe
Marwadi Financial – Subscribe
Motilal Oswal –
Nirmal Bang –
Reliance Securities – Subscribe
SBI Securities – Neutral
Samco Securities – Not rated
SMC Global –
Swastika Investmart –
Ventura Securities – Subscribe
Dev Accelerator IPO Lead Manager
PANTOMATH CAPITAL ADVISORS PRIVATE LIMITED
Pantomath Nucleus House, Saki Vihar Road,
Andheri East, Mumbai – 400 072 Maharashtra, India
Phone: 18008898711
Email: [email protected]
Website: www.pantomathgroup.com
Dev Accelerator Offer Registrar
KFIN TECHNOLOGIES LIMITED
Selenium Tower – B, Plot 31 & 32, Gachibowli,
Financial District, Nanakramguda, Serilingampally,
Hyderabad – 500 032, Telangana
Tel: +91 6716 2222/18003094001
E-mail: [email protected]
Website: www.kfintech.com
Dev Accelerator Contact Details
DEV ACCELERATOR LIMITED
A – 1101, B – 1101, The First, B/h Keshavbaug
Party Plot, near Shivalik High-Street, Vastrapur,
Ahmedabad, Gujarat – 380015, India
Phone: +91 7041482004
Email: [email protected]
Website: www.devx.work
Dev Accelerator IPO FAQs
How many shares in the Dev Accelerator IPO are reserved for HNIs and retail investors?
The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%.
How to apply in the Dev Accelerator Public Offer?
The best way to apply for Dev Accelerator public offer is through Internet banking ASBA (know all about ASBA here). You can also apply online through your stockbroker using UPI. If you prefer to make paper applications, fill up an offline IPO form and deposit the same to your broker.
What is the Dev Accelerator IPO GMP today?
Dev Accelerator IPO GMP today is INR 9 per share.
What is the Dev Accelerator kostak rate today?
Dev Accelerator kostak rate today is INR NA per application.
What is the Dev Accelerator Subject to Sauda rate today?
Dev Accelerator Subject to Sauda rate today is INR 1,600 per application.