Dev Accelerator Limited (brand: DevX), a flexible workspace and managed office solutions provider, is opening a mainboard IPO in September 2025. If an application is being considered, this clean, reader‑friendly guide covers the essentials—key dates, price band, lot size, business model, use of proceeds, strengths, risks, and step‑by‑step application—so decisions are quick and confident.
Key IPO Details
- IPO dates: September 10–12, 2025; anchor on September 9, 2025
- Price band: ₹56–₹61 per share; face value ₹2
- Issue size: ₹143.35 crore; 100% fresh issue of 2.35 crore shares; no OFS
- Lot size: 235 shares; minimum retail application ₹14,335 at the upper band
- Allocation: QIB 75%, NII 15%, Retail 10%; shareholder and employee reservations included
- Allotment/listing: Allotment Sep 15; refunds/demat Sep 16; tentative listing Sep 17 on BSE & NSE
- Registrar/BRLM: KFin Technologies (registrar); Pantomath Capital Advisors (lead manager)
What the Company Does
Dev Accelerator (DevX) provides flexible office solutions ranging from coworking desks to fully managed custom offices, with multiple asset‑engagement models like straight lease, revenue share, furnished‑by‑landlord, and OpCo–PropCo structures. As per disclosures, it operates 28 centers across 11 cities with 8.6+ lakh sq ft and 14,000+ seats, serving 250+ clients including SMEs and MNCs, and has expansion letters of intent for new centers in India and an overseas foray (Sydney).
Financial Snapshot
- Revenue: ₹69.9 crore (FY23) → ₹108.1 crore (FY24) → ₹158.9 crore (FY25)
- Net income: ₹−12.8 crore (FY23) → ₹0.44 crore (FY24) → ₹1.77 crore (FY25)
- Observations: FY25 PAT lift benefited from higher other income; operating metrics improved with scale. Review RHP for full audited numbers and segment details.
Use of Proceeds
- ₹73.1 crore for fit‑outs in proposed centers (capex)
- ₹35 crore for debt repayment, including NCD redemption
- Balance for general corporate purposes
This aligns with capacity expansion and balance‑sheet strengthening.
Competitive Strengths
- Multi‑model asset strategy (lease, revenue share, FBLL, OpCo–PropCo) can improve capital efficiency across markets.
- Blue‑chip and diversified client base across 11 cities; potential network effects as footprint scales.
- Operating leverage as center maturity improves occupancy and seat yields; standardized fit‑outs and services.
Key Risks
- Occupancy and yield sensitivity: Macros slowdowns or over‑supply can hurt utilization and pricing.
- Lease liabilities and fit‑out capex: Execution and payback risk for new centers; cash‑flow strain if ramp is slow.
- Concentration: Single‑city or large‑client exposure can elevate volatility; check top‑10 client share.
- Other income reliance: FY25 profit aided by non‑operating items; watch core margin trajectory.
Valuation Checks Before Applying
Benchmark against listed RE/REIT/space operators and service peers on:
- Occupancy, average seat yield, center maturity mix, and churn
- EBITDA margin ex‑other income; cash conversion and lease-adjusted leverage
- ROCE/ROE and post‑issue balance sheet; sensitivity to rent escalations and fit‑out costs
- Post‑issue valuation (EV/Sales, EV/EBITDA) vs growth visibility and pipeline LOIs
How to Apply
- Apply via ASBA (net banking) or UPI‑enabled broker apps during Sep 10–12.
- Select Dev Accelerator Ltd., choose lots of 235 shares, and bid at cut‑off if unsure.
- Approve UPI mandate promptly; track allotment on KFin using PAN/Application/DP details on Sep 15; listing tentatively Sep 17.
Bottom Line
Dev Accelerator (DevX) offers direct exposure to India’s growing flexible workspace theme through a fresh‑issue‑only IPO focused on expansion and deleveraging. The investment case hinges on center ramp‑ups, occupancy and yield discipline, and prudent balance‑sheet management. Weigh the scale opportunity and asset‑model flexibility against occupancy risk, lease liabilities, and reliance on other income before sizing bids.