Dev Accelerator Ipo
Dev Accelerator IPO Review & Key Points
Review: The company shown a good financial growth but the lower margin and higher competition might affect the company in coming years. The investor should apply IPO with caution.
The company reported a rise in earnings and moving to profitability in 2024 and 2025. EBITDA margin also showing strong growth.
DevX is the brand they operating that provides flexible workspace and managed office solutions in Tier 1 and Tier 2 cities of India.
The flexible workspace sector is rapidly growingin India and company is planning to add 8–12 new centres using IPO funds under the straight-lease model.
Their strong client base QX Global, Nemetschek India, Darwinbox, and Wipfli.
The lower margins with impact the overall profit in coming years.
Debt to Equity ratio is 2.4x that is higher and indicating higher financial risk.
DevX might face higher competition with big players like Awfis and Smartworks in India.
IPO Lead Managers aka Merchant Bankers
Pantomath Capital Advisors Private Limited
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 235 | ₹14,335 |
| Retail Maximum | 13 | 3,055 | ₹1,86,355 |
| S-HNI Minimum | 14 | 3,290 | ₹2,00,690 |
| B-HNI Minimum | 68 | 16,450 | ₹10,03,450 |
| Investor Category | Share Offered | % Share |
| QIB Shares Offered | 1,72,54,875 Shares | 73.43% |
| Anchor Investor | 1,03,52,925 Shares | 44.06% |
| QIB (Ex. Anchor) | 69,01,950 Shares | 29.37% |
| NII Shares Offered | 34,50,975 Shares | 14.69% |
| bNII > ₹10L | 23,00,650 Shares | 9.79% |
| sNII < ₹10L | 11,50,325 Shares | 4.90% |
| Retail Shares Offered | 23,00,650 Shares | 9.79% |
| Shareholder Quota | 3,29,000 Shares | 0.70% |
| Employee Quota | 1,64,500 Shares | 1.40% |
| Anchor Bidding Date | September 9, 2025 |
| Anchor Investors List | |
| Shares Offered | 1,03,52,925 Shares |
| Anchor Size | 63.15 Cr. |
| lock-in period end date 50% shares (30 Days) | October 15, 2025 |
| lock-in period end date 50% shares (90 Days) | December 14, 2025 |
| IPO Open Date: | September 10, 2025 |
| IPO Close Date: | September 12, 2025 |
| Basis of Allotment: | September 15, 2025 |
| Refunds: | September 16, 2025 |
| Credit to Demat Account: | September 16, 2025 |
| IPO Listing Date: | September 17, 2025 |
| IPO Bidding Cut-off Time: | September 12, 2025 – 5 PM |
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 6,66,87,515 | 49.80% |
| Promoter Holding Post Issue | 9,01,87,515 | 36.80% |
| Purpose | Crores | % |
| Capital expenditure for fit-outs in the new Centres and for security deposits of the new Centres. | 73.12 | 51.01% |
| Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company including redemption of NCDs | 35.00 | 24.42% |
| General corporate purposes | 35.26 | 24.6% |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2022 | ₹31.37 | ₹39.51 | ₹7.51 | ₹100.80 |
| 2023 | ₹71.37 | ₹87.50 | ₹12.83 | ₹282.42 |
| 2024 | ₹110.72 | ₹119.50 | ₹0.44 | ₹411.09 |
| 2025 | ₹178.89 | ₹175.15 | ₹1.77 | ₹540.38 |
| KPI | Values |
| ROE: | -% |
| ROCE: | 25.95% |
| EBITDA Margin: | 50.64% |
| PAT Margin: | 1.00% |
| Debt to equity ratio: | 2.39 |
| Earning Per Share (EPS): | ₹0.27 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 3.24% |
| Net Asset Value (NAV): | ₹7.68 |
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Awfis Space Solutions | 9.75 | 60.95 | 14.78 | 64.71 | 1,207.54 Cr. |
| Smartworks Coworking | (6.18) | (74.04) | (58.56) | 10.45 | 1,374.06 Cr. |
| Indiqube Spaces | (7.65) | (28.69) | NA | (0.24) | 1,059.29 Cr. |
| IPO Open Date: | September 10, 2025 |
| IPO Close Date: | September 12, 2025 |
| Face Value: | ₹2 Per Equity Share |
| IPO Price Band: | ₹56 to ₹61 Per Share |
| Issue Size: | Approx ₹143.35 Crores |
| Fresh Issue: | Approx ₹143.35 Crores |
| Issue Type: | Book Built Issue |
| IPO Listing: | BSE & NSE |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus: |