Dev Accelerator IPO
Dev Accelerator IPO — date, price band, lot size & details 2025
Dev Accelerator listed on 17 Sep 2025 at ₹61, flat to the ₹61 issue price.
Dev Accelerator, known as DevX, provides flexible office spaces and coworking environments. On 31 May 2025 it served over 250 clients across 28 centres in 11 cities.
Stock price
Dev Accelerator is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 10 Sep 2025
- Close 12 Sep 2025
- Allotment 15 Sep 2025
- Refund/credit 16 Sep 2025
- Listing 17 Sep 2025
Issue summary
The terms of the offer, as filed.
| IPO Dates | 10 to 12 Sep, 2025 |
|---|---|
| Price Band | ₹56 – ₹61 |
| Face Value | ₹2 |
| Lot Size | 235 Shares |
| Issue Size | ₹143.35 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,335 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 235 shares at the ₹61 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 235 | ₹14,335 |
| Retail (max) | 13 | 3,055 | ₹1,86,355 |
| S-HNI (min) | 14 | 3,290 | ₹2,00,690 |
| S-HNI (max) | 69 | 16,215 | ₹9,89,115 |
| B-HNI (min) | 70 | 16,450 | ₹10,03,450 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 71.37 crore in FY2023 to Rs 178.89 crore in FY2025.
- 02The company moved from a loss of Rs 12.83 crore in FY2023 to a profit of Rs 1.74 crore in FY2025.
- 03The company had 14,144 seats and served over 250 clients on 31 May 2025.
- 04The whole Rs 143.35 crore issue was fresh capital.
- 05Rs 35.00 crore of the proceeds was for repaying debt.
Risks · 6
- 01The P/E was 315.45 at the upper band of Rs 61, based on post-issue EPS of Rs 0.19.
- 02The PAT margin was only 1.00% and return on net worth was 3.24%.
- 03Total borrowing of Rs 130.67 crore on 31 March 2025 was more than twice net worth of Rs 54.79 crore.
- 04Debt to equity was 2.39 on the figures at the source.
- 05The EBITDA margin of 50.64% is high because lease costs are treated differently, and profit remains small.
- 06Promoters held 49.8% before the issue and held 36.8% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Dev Accelerator offer document.
| Metric | 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 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Dev Accelerator RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Dev Accelerator IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹0.26 | ₹0.19 |
| P/E Ratio (x) | 233.25 | 315.45 |
| Market Cap at Offer Price (₹ Cr) | ₹408.23 | ₹558.63 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹61 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹143.35 Cr of the issue is earmarked to named objects.
Dev Accelerator IPO Anchor Investors
11 anchor investors across 11 fund houses committed ₹63.15 Cr a day before the issue opened.
| Anchor Investor | Fund House | Shares | Amount (₹ Cr) | % of Anchor Book |
|---|---|---|---|---|
| Universal Sompo General Insurance Company Limited | Universal Sompo General | 819,680 | 5.00 | 7.92% |
| Abans Finance Private Limited | Abans Finance | 819,680 | 5.00 | 7.92% |
| Finavenue Capital Trust-Finavenue Growth Fund | Finavenue | 1,639,360 | 10.00 | 15.83% |
| Sunrise Investment Opportunities Fund | Sunrise | 1,172,415 | 7.15 | 11.32% |
| Vpk Global Ventures Fund - Scheme 1 | Vpk Global Ventures | 983,710 | 6.00 | 9.50% |
| Chattisgrah Investments Limited | Chattisgrah Investments | 819,680 | 5.00 | 7.92% |
| Meru Investment Fund Pcc | Meru Investment | 819,680 | 5.00 | 7.92% |
| Sb Opportunities Fund Ii | Sb Opportunities Fund | 819,680 | 5.00 | 7.92% |
| Shine Star Build-Cap Pvt.ltd. | Shine Star | 819,680 | 5.00 | 7.92% |
| Vbcube Ventures Fund | Vbcube | 819,680 | 5.00 | 7.92% |
| Venus Investments Vcc-Venus Stellar Fund | Venus Investments | 819,680 | 5.00 | 7.92% |
| Total anchor allocation | 63.15 | |||
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
On 31 May 2025 the company served over 250 clients and had 28 centres across 11 cities in India. It had 14,144 seats and a total area under management of 860,522 square feet.
Cities include Delhi-NCR, Hyderabad, Mumbai and Pune.
The IPO was a fresh issue of Rs 143.35 crore. Rs 73.12 crore was planned for fit-outs in new centres and Rs 35.00 crore for repaying borrowings.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Dev Accelerator IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Pantomath Capital Advisors Pvt Ltd
12 issues handledBest listing: Highway Infrastructure (+64.3%). Weakest: Glottis (-34.9%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Dev Accelerator?
The current Grey Market Premium is ₹1, or 2% over the issue price.
What is the Dev Accelerator IPO price band?
₹56 to ₹61, on a face value of ₹2.
When is the allotment?
The basis of allotment is 15 September 2025, with listing on 17 September 2025.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
