Dev Accelerator IPO opens for subscription on tomorrow (Wednesday, September 10). Dev Accelerator, known as DevX, provides versatile office solutions, including coworking spaces. The company has expanded its presence to 15 locations across India, including major cities like Delhi-NCR, Hyderabad, Mumbai, and Pune.
The company’s business model focuses on offering flexible workspace options that meet the evolving needs of modern enterprises. This includes customized workstations and suites, support for remote work trends, and flexible leasing options.
As of May 31, 2025, the company serves over 250 clients and operates 28 centers in 11 cities across India, with a total seating capacity of 14,144, managing a combined area of 860,522 square feet.
According to the red herring prospectus (RHP), the company’s publicly traded competitors are Awfis Space Solutions (with a P/E ratio of 60.95), Smartworks Coworking Spaces (with a P/E ratio of 74.04), and Indiqube Spaces (with a P/E ratio of 28.69).
In the fiscal year 2025, revenue rose by 47 percent to ₹158.9 crore, up from ₹108 crore the previous year.
Here are the 10 key things to know about Dev Accelerator IPO
Dev Accelerator IPO GMP today: Dev Accelerator IPO GMP today or grey market premium is +10. This indicates Dev Accelerator share price were trading at a premium of ₹10 in the grey market on Tuesday, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Dev Accelerator share price was indicated at ₹71 apiece, which is 16.39% higher than the IPO price of ₹61.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Dev Accelerator IPO date: The issue opens for subscription on Wednesday, September 10, and closes on Friday, September 12.
Dev Accelerator IPO price band: The issue’s price band has been fixed in the range of ₹56 to ₹61 per equity share of face value of ₹2.
Dev Accelerator IPO lot size: The issue’s lot size is 235 equity shares and in multiples of 235 equity shares thereafter.
Anchor investors: The allocation to anchor investors for Dev Accelerator IPO is scheduled to take place today (Tuesday, September 9).
Dev Accelerator IPO details: Dev Accelerator IPO consists entirely of a new issuance of 2.35 crore equity shares, which includes a reservation of up to 1,64,500 equity shares for employees and 3,29,000 shares for existing shareholders.
Dev Accelerator IPO objective: The company will make use of the funds raised from the IPO. Out of the proceeds from the fresh issue, ₹73.1 crore will be set aside for the outfitting of the proposed centers, while ₹35 crore will be allocated to settle certain debts, which includes the redemption of non-convertible debentures (NCDs). The leftover funds will be earmarked for several corporate activities.
Dev Accelerator IPO reservation: Dev Accelerator IPO has reserved not more than 75% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 10% of the offer is reserved for retail investors.
Lead Manager and Registrar of Dev Accelerator IPO : Pantomath Capital Advisors Pvt. Ltd. serves as the lead book manager, and Kfin Technologies Ltd. acts as the issue’s registrar.
Dev Accelerator IPO listing date and allotment details: Tentatively, Dev Accelerator IPO basis of allotment of shares will be finalised on Monday, September 15 and the company will initiate refunds on Tuesday, September 16 while the shares will be credited to the demat account of allottees on the same day following refund. Dev Accelerator share price is likely to be listed on BSE and NSE on Wednesday, September 17.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
