Dev Accelerator IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Sep 10 to Sep 12 2025
Price Band
₹56 - 61
Current GMP
₹61.0(0.0)
Subscription
64.00 times
IPO Details
| IPO Date | September 10, 2025 to September 12, 2025 |
| Listing Date | September 17, 2025 |
| Face Value | ₹2 per share |
| Issue Price Band | ₹56 to ₹61 per share |
| Issue Price Final | ₹61 per share |
| Lot Size | 235 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 2,35,00,000 shares (aggregating up to ₹143.35 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 6,66,87,515 shares |
| Share Holding Post Issue | 9,01,87,515 shares |
IPO Date
September 10, 2025 to September 12, 2025
Listing Date
September 17, 2025
Face Value
₹2 per share
Issue Price Band
₹56 to ₹61 per share
Issue Price Final
₹61 per share
Lot Size
235 Shares
Sale Type
Fresh Capital
Total Issue Size
2,35,00,000 shares (aggregating up to ₹143.35 Cr)
Issue Type
Bookbuilding IPO
Listing At
BSE, NSE
Share Holding Pre Issue
6,66,87,515 shares
Share Holding Post Issue
9,01,87,515 shares
IPO Subscription Details
| Anchor Investors | 1 |
| QIB (Ex Anchor) | 20.30 |
| Non-Institutional Buyers | 87.97 |
| bNII (bids above ₹10L) | 78.94 |
| sNII (bids below ₹10L) | 106.01 |
| Retail Investors | 164.89 |
| Employees | 17.60 |
| Shareholders | 46.97 |
| Total ** | 64.00 |
Anchor Investors
1
QIB (Ex Anchor)
20.30
Non-Institutional Buyers
87.97
bNII (bids above ₹10L)
78.94
sNII (bids below ₹10L)
106.01
Retail Investors
164.89
Employees
17.60
Shareholders
46.97
Total **
64.00
Day Wise Sub
| Day | QIB (Ex Anchor) | NII | NII (> ₹10L) | NII (< ₹10L) | Retail | EMP | Shareholders | Total |
|---|---|---|---|---|---|---|---|---|
| Day 1 Sep 10, 2025 | 1.16 | 4.46 | 4.28 | 4.82 | 19.60 | 2.35 | 4.16 | 5.34 |
| Day 2 Sep 11, 2025 | 2.40 | 15.36 | 12.08 | 21.93 | 59.48 | 6.19 | 13.39 | 16.11 |
| Day 3 Sep 12, 2025 | 20.30 | 87.97 | 78.94 | 106.01 | 164.89 | 17.60 | 46.97 | 64.00 |
DayDay 1
Sep 10, 2025
QIB (Ex Anchor)1.16
NII4.46
NII (> ₹10L)4.28
NII (< ₹10L)4.82
Retail19.60
EMP2.35
Shareholders4.16
Total5.34
DayDay 2
Sep 11, 2025
QIB (Ex Anchor)2.40
NII15.36
NII (> ₹10L)12.08
NII (< ₹10L)21.93
Retail59.48
EMP6.19
Shareholders13.39
Total16.11
DayDay 3
Sep 12, 2025
QIB (Ex Anchor)20.30
NII87.97
NII (> ₹10L)78.94
NII (< ₹10L)106.01
Retail164.89
EMP17.60
Shareholders46.97
Total64.00
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 17-09-2025 | 61.00 | 6(9.84%) | 67 |
| 16-09-2025 | 61.00 | 6(9.84%) | 67 |
| 15-09-2025 | 61.00 | 6(9.84%) | 67 |
| 14-09-2025 | 61.00 | 8(13.11%) | 69 |
| 13-09-2025 | 61.00 | 8(13.11%) | 69 |
| 12-09-2025 | 61.00 | 10(16.39%) | 71 |
| 11-09-2025 | 61.00 | 10(16.39%) | 71 |
| 10-09-2025 | 61.00 | 9(14.75%) | 70 |
| 09-09-2025 | 61.00 | 9(14.75%) | 70 |
| 08-09-2025 | 61.00 | 10(16.39%) | 71 |
| 07-09-2025 | 61.00 | 9(14.75%) | 70 |
| 06-09-2025 | 61.00 | 9(14.75%) | 70 |
| 05-09-2025 | 61.00 | 9(14.75%) | 70 |
| 04-09-2025 | 61.00 | 0(0.00%) | 61 |
| 03-09-2025 | 0(%) | (%) |
Date17-09-2025
Price61.00
GMP6(9.84%)
Estimate List Price67
Date16-09-2025
Price61.00
GMP6(9.84%)
Estimate List Price67
Date15-09-2025
Price61.00
GMP6(9.84%)
Estimate List Price67
Date14-09-2025
Price61.00
GMP8(13.11%)
Estimate List Price69
Date13-09-2025
Price61.00
GMP8(13.11%)
Estimate List Price69
Date12-09-2025
Price61.00
GMP10(16.39%)
Estimate List Price71
Date11-09-2025
Price61.00
GMP10(16.39%)
Estimate List Price71
Date10-09-2025
Price61.00
GMP9(14.75%)
Estimate List Price70
Date09-09-2025
Price61.00
GMP9(14.75%)
Estimate List Price70
Date08-09-2025
Price61.00
GMP10(16.39%)
Estimate List Price71
Date07-09-2025
Price61.00
GMP9(14.75%)
Estimate List Price70
Date06-09-2025
Price61.00
GMP9(14.75%)
Estimate List Price70
Date05-09-2025
Price61.00
GMP9(14.75%)
Estimate List Price70
Date04-09-2025
Price61.00
GMP0(0.00%)
Estimate List Price61
Date03-09-2025
Price
GMP0(%)
Estimate List Price(%)
IPO Important Dates
| IPO Open Date | Wed, Sep 10, 2025 |
| IPO Close Date | Fri, Sep 12, 2025 |
| Tentative Allotment | Mon, Sep 15, 2025 |
| Initiation of Refunds | Tue, Sep 16, 2025 |
| Credit of Shares to Demat | Tue, Sep 16, 2025 |
| Tentative Listing Date | Wed, Sep 17, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Fri, Sep 12, 2025 |
IPO Open Date
Wed, Sep 10, 2025
IPO Close Date
Fri, Sep 12, 2025
Tentative Allotment
Mon, Sep 15, 2025
Initiation of Refunds
Tue, Sep 16, 2025
Credit of Shares to Demat
Tue, Sep 16, 2025
Tentative Listing Date
Wed, Sep 17, 2025
Cut-off time for UPI mandate confirmation
5 PM on Fri, Sep 12, 2025
IPO Lot Size
| Application | Lots | Shares | 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 |
ApplicationRetail (Min)
Lots1
Shares235
Amount₹14,335
ApplicationRetail (Max)
Lots13
Shares3,055
Amount₹1,86,355
ApplicationS-HNI (Min)
Lots14
Shares3,290
Amount₹2,00,690
ApplicationS-HNI (Max)
Lots69
Shares16,215
Amount₹9,89,115
ApplicationB-HNI (Min)
Lots70
Shares16,450
Amount₹10,03,450
Financial Information
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| 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 |
| Total Borrowing | 130.67 | 101.05 | 33.20 |
Period EndedPeriod Ended
31 Mar 202531 Mar 2025
31 Mar 202431 Mar 2024
31 Mar 202331 Mar 2023
Period EndedAssets
31 Mar 2025540.38
31 Mar 2024411.09
31 Mar 2023282.42
Period EndedTotal Income
31 Mar 2025178.89
31 Mar 2024110.73
31 Mar 202371.37
Period EndedProfit After Tax
31 Mar 20251.74
31 Mar 20240.43
31 Mar 2023-12.83
Period EndedEBITDA
31 Mar 202580.46
31 Mar 202464.74
31 Mar 202329.88
Period EndedNet Worth
31 Mar 202554.79
31 Mar 202428.79
31 Mar 20231.22
Period EndedTotal Borrowing
31 Mar 2025130.67
31 Mar 2024101.05
31 Mar 202333.20
Peers Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|---|---|
| Dev Accelerator | 0.27 | 0.27 | 7.68 | 3.24 | ||
| Awfis Space Solutions | 9.75 | 9.67 | 64.71 | 60.95 | 14.78 | 9.20 |
| Smartworks Coworking Spaces | -6.18 | -6.18 | 10.45 | -74.04 | -58.56 | 45.70 |
| Indiqube Spaces | -7.65 | -7.65 | -0.24 | -28.69 |
Company NameDev Accelerator
EPS (Basic)0.27
EPS (Diluted)0.27
NAV (per share) (Rs)7.68
P/E (x)
RoNW (%)3.24
P/BV Ratio
Company NameAwfis Space Solutions
EPS (Basic)9.75
EPS (Diluted)9.67
NAV (per share) (Rs)64.71
P/E (x)60.95
RoNW (%)14.78
P/BV Ratio9.20
Company NameSmartworks Coworking Spaces
EPS (Basic)-6.18
EPS (Diluted)-6.18
NAV (per share) (Rs)10.45
P/E (x)-74.04
RoNW (%)-58.56
P/BV Ratio45.70
Company NameIndiqube Spaces
EPS (Basic)-7.65
EPS (Diluted)-7.65
NAV (per share) (Rs)-0.24
P/E (x)-28.69
RoNW (%)
P/BV Ratio
IPO Reservation
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| QIB Shares Offered | 1,72,54,875 (73.43%) | NA |
| − Anchor Investor Shares Offered | 1,03,52,925 (44.06%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 69,01,950 (29.37%) | NA |
| NII (HNI) Shares Offered | 34,50,975 (14.69%) | NA |
| − bNII > ₹10L | 23,00,650 (9.79%) | 699 |
| − sNII < ₹10L | 11,50,325 (4.90%) | 349 |
| Retail Shares Offered | 23,00,650 (9.79%) | 9,790 |
| Employee Shares Offered | 1,64,500 (0.70%) | NA |
| Shareholders Shares Offered | 3,29,000 (1.40%) | NA |
| Total Shares Offered | 2,35,00,000 (100.00%) |
Investor CategoryQIB Shares Offered
Shares Offered1,72,54,875 (73.43%)
Maximum AllotteesNA
Investor Category− Anchor Investor Shares Offered
Shares Offered1,03,52,925 (44.06%)
Maximum AllotteesNA
Investor Category− QIB (Ex. Anchor) Shares Offered
Shares Offered69,01,950 (29.37%)
Maximum AllotteesNA
Investor CategoryNII (HNI) Shares Offered
Shares Offered34,50,975 (14.69%)
Maximum AllotteesNA
Investor Category− bNII > ₹10L
Shares Offered23,00,650 (9.79%)
Maximum Allottees699
Investor Category− sNII < ₹10L
Shares Offered11,50,325 (4.90%)
Maximum Allottees349
Investor CategoryRetail Shares Offered
Shares Offered23,00,650 (9.79%)
Maximum Allottees9,790
Investor CategoryEmployee Shares Offered
Shares Offered1,64,500 (0.70%)
Maximum AllotteesNA
Investor CategoryShareholders Shares Offered
Shares Offered3,29,000 (1.40%)
Maximum AllotteesNA
Investor CategoryTotal Shares Offered
Shares Offered2,35,00,000 (100.00%)
Maximum Allottees
Information about company
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.
Objectives of IPO
The Company Dev Accelerator IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
S.No.
Objects of the Issue
Expected Amount (₹ in crores)
1
Capital expenditure for fit-outs in the new Centres and for security deposits of the new Centres.
73.12
2
Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company including redemption of NCDs
35.00
3
General corporate purposes
19.26
Disclaimer
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