Dev Accelerator IPO: Check IPO Date, Live Subscription and Key Details
Dev Accelerator is a leading managed and co-working space operator, particularly prominent in Tier 2 markets. The company provides a comprehensive range of services, including sourcing and developing office spaces, customizing designs, providing technology solutions, and offering full asset management. It operates through various business segments such as managed office spaces, coworking spaces, and design and execution services. The company also offers payroll management, facility management, and IT/ITes services. With a strong presence in both Tier 1 and Tier 2 markets across 11 cities, including Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, and Jaipur, Dev Accelerator serves a diverse client base of large corporates, MNCs, and SMEs. As of May 31, 2025, it had 28 centers and 14,144 seats under management across 860,522 square feet of area.
Key Metrics
Check Live GMP
Timeline
IPO Opens
10 Sept
IPO Closes
12 Sept
Allotment
15 Sept
Listing
17 Sept
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 10 September 2025 | Subscription starts |
| IPO Close Date | 12 September 2025 | Subscription ends |
| Allotment Date | 15 September 2025 | Allotment |
| Listing Date | 17 September 2025 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,335 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,86,355 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,00,690 |
SHNI (Max)Below ₹10,00,000 | 69 | ₹9,89,115 |
BHNIAbove ₹10,00,000 | 70 | ₹10,03,450 |
IPO Objectives
- Capital expenditure for fit-outs in the new Centres and for security deposits of the new Centres.
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company including redemption of NCDs.
- General corporate purposes.
Strengths
- The company holds a leadership position as a large managed space operator in India's fast-growing Tier 2 markets, which gives it a significant advantage.
- It has a pan-India presence with consistently high occupancy rates and a customer-focused business model, ensuring stable revenue.
- The company shows strong financial and operational metrics, with revenue increasing by 62% and profit after tax rising by an impressive 303% in FY25.
- The business is supported by experienced promoters and a management team with deep industry expertise.
- It offers a diversified portfolio of services, including co-working spaces and value-added services, catering to a wide range of corporate and SME clients.
Weaknesses
- The company has a high debt-to-equity ratio of 2.38, which shows a significant reliance on borrowed money and could hurt its profitability due to high interest expenses.
- It has a history of net losses in past years, which raises concerns about its long-term profitability and sustainability.
- The business is very capital-intensive, as it requires continuous investment to open new centers and maintain growth.
- The company faces intense competition in the flexible workspace market from both established brands and unorganized players.
- The IPO is priced at a very high P/E ratio of 225.93, suggesting an aggressive valuation that may not be sustainable without massive and continued growth.
Financial Performance
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets (₹ Cr.) | 540.38 | 411.09 | 282.42 |
| Revenue (₹ Cr.) | 178.89 | 110.73 | 71.37 |
| PAT (₹ Cr.) | 1.74 | 0.43 | -12.83 |
| Net Worth (₹ Cr.) | 54.79 | 28.79 | 1.22 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Dev Accelerator | 7.94 | 315.45 | 3.24% | 54.79 |
| Awfis Space Solutions | 8.88 | 54.35 | 9.38% | 459 |
| Smartworks Coworking Spaces | 10.75 | -94.09 | -58.56% | 108 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 1.16x | 2.4x | 20.3x |
| NII | 4.46x | 15.36x | 87.97x |
| S-HNI | 4.82x | 21.93x | 106.01x |
| B-HNI | 4.28x | 12.08x | 78.94x |
| RII | 19.6x | 59.48x | 164.89x |
| EMP | 2.35x | 6.19x | 17.6x |
| Total | 5.34x | 16.11x | 64x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 69,01,950 | 14,01,34,965 | 854.82 |
| NII | 34,50,975 | 30,35,69,005 | 1,851.77 |
| Small NII | 11,50,325 | 12,19,48,315 | 743.88 |
| Big NII | 23,00,650 | 18,16,20,690 | 1,107.89 |
| RII | 23,00,650 | 37,93,52,040 | 2,314.05 |
| EMP | 1,64,500 | 28,94,495 | 17.66 |
| Total | 1,31,47,075 | 84,14,01,990 | 5,132.55 |
Company Details
- Dev Accelerator Ltd.
- C-01, The First Commercial Complex, behind Keshavbaug Party Plot, Vastrapur, Ahmedabad, Gujarat-380015
- 7041482004
- compliance@devx.work
- http://www.devx.work/
Registrar Details
- Kfin Technologies Ltd.
- 04067162222, 04079611000
- dal.ipo@kfintech.com
- https://ipostatus.kfintech.com/