Dev Accelerator Limited IPO
Dev Accelerator Limited IPO
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Dev Accelerator Limited's successfully completed its Initial Public Offering and commenced trading on 17-09-2025 at the NSE, BSE exchange. The company raised 2,35,00,000 Shares through this public offering, comprising 2,35,00,000 Shares in fresh capital.
The IPO was priced within the band of ₹56 to ₹61, with minimum application lots of 235 shares. The offering attracted significant investor interest during its subscription period from 10-09-2025 to 12-09-2025.
Share allotment was finalized on 15-09-2025, distributing equity to successful applicants. The stock's subsequent listing marked a significant milestone in the company's corporate history, providing public market liquidity to shareholders.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Dev Accelerator IPO About Company
Dev Accelerator Limited (DevX), established in 2017, is engaged in providing flexible office space solutions and operates through its subsidiary, Neddle and Thread Designs LLP, which offers design and execution services. The company’s business model is centered on flexibility and adaptability to modern workplace needs, offering coworking spaces, managed offices, and customizable desks and suites. Its primary clients include large corporations, multinational companies (MNCs), and small to medium enterprises (SMEs), supported by features such as flexible lease options and solutions aligned with remote work trends. As of August 31, 2024, DevX has built a strong operational presence with 25 centers across 11 cities, including Delhi-NCR, Hyderabad, Mumbai, and Pune, with a total seating capacity of 12,691 and a managed area of 806,635 square feet, catering to over 230 clients. The company is expanding aggressively, with three new centers signed under letters of intent, including its first international location in Sydney, Australia, and a new domestic market in Surat, India. This pipeline adds 11,500 new seats and 897,341 square feet of space. The net proceeds from the Dev Accelerator IPO are planned to be utilized for funding fit-outs and security deposits for new centers amounting to ₹73.11 crore, repayment of borrowings and redemption of NCDs worth ₹35 crore, along with general corporate purposes.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Dev Accelerator IPO Strength Factors
- Dominant Position in Tier-2 Markets – Recognized as the largest managed workspace operator in Tier-2 cities such as Ahmedabad, Indore, Jaipur, Udaipur, and Vadodara, with ~88% occupancy, well placed to benefit from rising demand for flexible workspaces.
- Expansive Pan-India Footprint – Presence across 11 major Indian cities, including Tier-1 hubs like Mumbai, Pune, Hyderabad, and NCR, supported by a diverse client portfolio and consistently high occupancy rates.
- Integrated, Customer-Focused Model – Offers fully customizable office solutions with rapid delivery (90–120 days), comprehensive facility management, and ISO-certified processes (ISO 9001:2015 & ISO 27001:2022), ensuring strong client retention and long-term engagement.
Dev Accelerator IPO Risk Factors
- Profitability Sustainability Risk – The company reported a loss of ₹128.30 million in FY 2023 and only achieved profitability in FY 2024, making future profit consistency uncertain.
- Dependence on Leased Properties – With no ownership of its centers, the business is vulnerable to landlord disputes, title issues, or lease terminations that could lead to closures, relocations, or added costs.
- Uncertain Returns from Investments & Acquisitions – Strategic investments such as a 43.69% stake in Janak Urja Pvt. Ltd. and potential future acquisitions may not generate the expected synergies or financial benefits.
Dev Accelerator IPO Lead Manager(s)
- Pantomath Capital Advisors Private Limited
Dev Accelerator IPO Promoter(s)
- Parth Shah
- Umesh Uttamchandani
- Rushit Shah
- Dev Information Technology Limited
Dev Accelerator IPO FAQs
Dev Accelerator Limited IPO subscribed 63.97 times. The public issue subscribed 164.72 times in the retail category,20.3times in QIB, and 78.94 times in the HNI (10+) category byNovember 21, 2025 10:00:20 AM (Day 21).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Dev Accelerator IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
Dev Accelerator IPO FAQs
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