Established in 2017, Dev Accelerator Limited, commonly known as DevX, provides flexible office spaces, including coworking environments. The company has expanded its presence to 15 centers across India, encompassing major cities such as Delhi-NCR, Hyderabad, Mumbai, and Pune.
The company's business model focuses on providing flexible workspace solutions tailored to the evolving needs of modern businesses. This includes offering customizable desks and suites, accommodating remote work trends, and providing flexible lease options.
As of May 31, 2025, the company serves over 250 clients and has 28 centres across 11 cities in India, with 14,144 seats covering a total area under management of 860,522 square feet.
The company have signed Letters of Intent (LOIs) for three new centers, including the company's first international centre in Sydney, Australia. Additionally, we have leased space for a new center in Surat. These upcoming centers will offer 11,500 seats across a total area of 897,341 sq. ft.
Dev Accelerator Limited provide flexible office space solutions, including managed offices and coworking spaces, to large corporates, MNCs, and SMEs. The company's subsidiary, Neddle and Thread Designs LLP, also offers design and execution services.
| Purpose | Amount (₹ Cr) |
|---|---|
| 1 Capital expenditure for fit-outs in the new Centres and for security deposits of the new Centres. | ₹73 |
| 2 Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company including redemption of NCDs | ₹35 |
| 3 General corporate purposes | ₹19 |
| Metric | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Total Assets | 540 | 411 | 282 |
| Revenue | 179 | 111 | 71 |
| PAT | 2 | 0 | -13 |
| EBITDA | 80 | 65 | 30 |
| Net Worth | 55 | 29 | 1 |
| Total Borrowing | 131 | 101 | 33 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | — | 17,254,875 (73%) | — |
| NII / HNI | — | 3,450,975 (15%) | — |
| Retail (RII) | — | 2,300,650 (10%) | — |
| Employee | — | 164,500 (1%) | — |
| Total | — | 23,500,000 (100%) | — |
* Amount calculated at upper price band (₹61) · ** Total includes all investor categories
- 1 Initiation of Refund 16 Sep 2025
- 2 Credit of Shares to Demat 16 Sep 2025
- 3 Lock-in Period (30%) October 15, 2025
- 4 Lock-in Period (50%) December 13, 2025
- Retail allocation is weak at 10% of the total offering.
- HNI/NII demand is good at 15%.
- Institutional (QIB) interest is strong at 73%.
- The IPO P/E of 315x reflects a weak valuation relative to typical market ranges.
- Pre-issue EPS of ₹0 compares to post-issue EPS of ₹0 after dilution.
This IPO has relatively lower interest or stretched valuation. Proceed with thorough research and caution.
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