Dev Accelerator Limited is coming up with its Initial Public Offering (IPO) to raise capital for capital expenditure requirements and to reduce debt. The IPO comprises entirely a fresh issue of 2.35 crore equity shares. The total offer size aggregates up to Rs. 143.35 crore.
The IPO opens on September 10, 2025, and closes on September 12, 2025. The shares will be listed on NSE and BSE on Wednesday, September 17, 2025. Here’s everything you need to know.
GMP of Dev Accelerator IPO
As of September 8, 2025, the shares of Aditya Infotech Limited in the grey market were trading at a 16.39 percent premium. The shares in the Grey Market traded at Rs. 71. This gives it a premium of Rs. 10 per share over the cap price of Rs. 61.
Overview of Dev Accelerator Limited
Dev Accelerator Limited, also known as DevX, was founded in 2017 and has grown into a leading provider of flexible office spaces in India. The company focuses on creating modern work environments, including coworking spaces and managed offices, that meet the evolving needs of businesses today. With its emphasis on flexibility, DevX helps companies adapt to changing work patterns such as remote and hybrid models.
As of May 31, 2025, DevX operates 28 centers across 11 Indian cities, including Delhi-NCR, Hyderabad, Mumbai, and Pune. These centers provide 14,144 seats and manage a total space of over 860,000 square feet. The company serves more than 250 clients, including corporates, multinational firms, and small and medium enterprises.
Looking ahead, DevX is expanding further with new centers planned in Surat and internationally in Sydney, Australia. Its subsidiary, Neddle and Thread Designs LLP, also provides workspace design and execution services.
Promoters of Dev Accelerator Limited
The promoters include 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. They bring diverse experience in technology, business management, and real estate. The IPO includes a fresh issue only, without a direct offer for sale by existing promoters.
Lead Managers of Dev Accelerator Limited IPO
Pantomath Capital Advisors Private Limited is the book-running lead manager for the IPO. KFIN Technologies Limited is the registrar handling the offer process.
Objectives of the IPO Offer
Dev Accelerator IPO proposes to utilize the net proceeds for three main objectives. The company will allocate Rs. 73.12 crore towards capital expenditure for fit-outs in the new centers and security deposits of the new centers.
Additionally, Rs. 35 crore will be directed towards repayment of borrowings availed by the company, including redemption of NCDs, to strengthen its financial position. The remaining funds will be used for general corporate purposes to support operational needs and overall business growth.
Financial Analysis of Dev Accelerator Limited
Dev Accelerator Limited’s revenue has increased from Rs. 108.09 crore in FY24 to Rs. 158.88 crore in FY25, which represents a growth of 46.99 percent. The net profit has increased by 302.27 percent, from Rs. 0.44 crore in FY24 to Rs. 1.77 crore in FY25.
The basic earnings per share increased by 237.5 percent and stood at Rs. 0.27 in FY25 as against Rs. 0.08 recorded in FY24. In terms of return ratios, the company’s ROCE and RoNW stand at 25.95 percent and 3.24 percent, respectively. Patel Retail Limited’s debt-to-equity ratio is 2.39x.
Dev Accelerator Limited Vs Peers
Dev Accelerator Limited reported an EPS of Rs. 0.27 and a RoNW of 3.24 percent. In comparison, Awfis Space Solutions Limited’s EPS of Rs. 9.75, and its RoNW of 14.78 percent. Smartworks Coworking Spaces Limited reported Rs. -6.18 EPS, and a RoNW of -58.56 percent, and Indiqube Spaces Limited reported Rs. -7.65 EPS.
Dev Accelerator Limited’s net asset value per share is Rs. 7.68, compared to Rs. 64.71 for Awfis Space Solutions Limited, Rs. 10.45 for Smartworks Coworking Spaces Limited, and Rs. -0.24 for Indiqube Spaces Limited.
Strengths of Dev Accelerator Limited
- Strong occupancy rate reflects consistent demand for coworking spaces across operational centers.
- Diversified revenue model includes coworking rentals, facility management, and enterprise workspace design.
- Promoters with proven experience in technology and business scaling enhance credibility.
- Asset-light model with managed properties reduces the long-term capital expenditure burden.
- Early-mover advantage in tier-2 cities strengthens growth prospects against larger competitors.
Weaknesses of Dev Accelerator Limited
- Smaller scale compared to leading peers limits competitive market share.
- High debt levels increase financial risk despite recent improvements.
- Heavy dependence on the Indian market limits geographical diversification.
- Rapid expansion requires significant capital outlay and efficient execution.
- Exposure to economic downturns can impact occupancy and rental demand.
Conclusion
Dev Accelerator Limited’s IPO offers investors exposure to India’s growing coworking and managed office market. Strong occupancy rates and diversified services provide a positive outlook. However, competition, debt levels, and scale limitations remain challenges. Investors should assess financials, sector dynamics, and risk factors before subscribing.
Written By – Nikhil Naik
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
