Allotment

Dev Accelerator Limited’s IPO was a book-built issue aggregating ₹143.35 crore. The issue comprised entirely of a fresh issue of 2.35 crore equity shares.
The IPO opened for subscription on September 10, 2025, and closed on September 12, 2025. The allotment was finalized on September 15, 2025, and the company’s shares were listed on both the BSE and NSE on September 17, 2025.
The price band for the IPO was fixed at ₹61 per share. The lot size for an application was 235 shares. Retail investors were required to invest a minimum of ₹14,335 for one lot (235 shares) at the upper price band. For non-institutional investors, the minimum application size for small NIIs (sNII) was 14 lots (3,290 shares), amounting to ₹2,00,690, while for big NIIs (bNII), it was 70 lots (16,450 shares), requiring an investment of ₹10,03,450.
Pantomath Capital Advisors Pvt. Ltd. acted as the Book Running Lead Manager for the IPO, while Kfin Technologies Ltd. served as the registrar to the issue.
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| IPO Date | 17 Sep |
| IPO Listing Date | 17 Sep |
| IPO Face Value | Rs.10 per Equity Share |
| IPO Price Range | ₹61.00 |
| IPO Issue Size | 2,35,00,000 shares |
| IPO Sale Type | Fresh Capital |
| Employee Discount | - |
| IPO Issue Type | 100% Book Building |
| IPO Listing | BSE, NSE Platform |
| Share Holding Pre Issue | 6,66,87,515 shares |
| IPO Open Date | 10 Sep |
| IPO Close Date | 12 Sep |
| IPO Allotment (Tentative) | 15 Sep |
| Refunds | 16 Sep |
| Credit to Demat Account | 16 Sep |
| IPO Listing Date | 17 Sep |
| Category | Offer |
|---|---|
| QIB Shares Offered | 69,01,950 Shares |
| NII (HNI) Shares Offered | 34,50,975 Shares |
| Retail Shares Offered | 23,00,650 Shares |
Investors can bid for a minimum of 235 shares, with additional shares to be purchased in multiples of 235.
| Application | Lots | Share | 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 |
Established in 2017, Dev Accelerator Limited, operating under the brand name DevX, is a provider of flexible office space solutions, including coworking and managed office environments. The company has built a strong presence across India, with centres in major cities such as Delhi-NCR, Hyderabad, Mumbai, and Pune.
DevX’s business model is focused on delivering flexible and scalable workspace solutions tailored to the evolving needs of modern enterprises. Its offerings include customizable workstations and private suites, support for hybrid and remote work models, and flexible lease tenures.
As of May 31, 2025, the company served more than 250 clients and operated 28 centres across 11 cities in India, offering 14,144 seats with a total area under management of 860,522 square feet.
The company has also signed Letters of Intent (LOIs) for three additional centres, including its first international centre in Sydney, Australia. Additionally, DevX has leased space for a new centre in Surat. These upcoming centres are expected to add approximately 11,500 seats across a total leasable area of 897,341 square feet.
Dev Accelerator Limited provides flexible office space solutions—such as managed offices and coworking spaces—to large corporates, multinational corporations (MNCs), and small and medium enterprises (SMEs). Its subsidiary, Neddle and Thread Designs LLP, complements these offerings by providing workspace design and execution services.
| 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 |
| Reserves and Surplus | - | - | - |
| Total Borrowing | 130.67 | 101.05 | 33.2 |
| ROE | - |
| ROCE | 25.95% |
| Debt/Equity | 2.39 |
| RoNW | 3.24% |
| PAT Margin | 1.00% |
| EBITDA Margin | 50.64% |
| Price to Book Value | 7.94 |
IPO Objects of the Issue
| S.No. | Objects of the ipo Resources Detail | IPO Amount |
|---|---|---|
| 1 | Funding capital expenditure requirements for the purchase of equipment/machineries | - |
| 2 | To meet out the expenses of Working Capital Requirement | - |
| 3 | To meet out the General Corporate Purposes; | 19.26 |
| 4 | Offer for Sale (OFS) | - |
Dev Accelerator Ltd. Address
C-01, The First Commercial Complex,
behind Keshavbaug Party Plot,
Vastrapur,
Ahmedabad, Gujarat, 380015
7041482004
compliance@devx.work
http://www.devx.work/
IPO Registrar
Kfin Technologies Ltd.
04067162222, 04079611000
dal.ipo@kfintech.com
https://ipostatus.kfintech.com/