Dev Accelerator IPO

About the company

Dev Accelerator Limited (DevX) is a flex space operator that provides comprehensive office space solutions, including sourcing office spaces, customising designs, developing spaces and providing technology solutions, along with complete asset management. The company’s primary focus is on serving large corporations by offering managed office solutions with average lease tenures ranging from 5 to 9 years and lock-in periods of 3.5 to 5 years. The company is one of the largest flex space operators in terms of operational flex stock in Tier 2 markets across India. As of May 31, 2025, the company operates 28 centres across 11 cities with over 250 clients and 14,144 seats, covering a total area under management of 860,522 square feet. The company offers managed office spaces for large businesses seeking 100 to 500 seats, coworking spaces for individuals and small teams, design and execution services through subsidiary Neddle and Thread Designs LLP, payroll management services, facility management services, and IT/ITES services through subsidiary Saasjoy Solutions Private Limited. Managed space services constitute the largest revenue segment, contributing 58.77% of revenue from operations (₹93.38 crore) in FY25, followed by designing & execution services at 25.37% (₹40.30 crore). The company maintains consistently high occupancy rates across all centres, with occupancy rates of 87.61%, 83.09%, and 80.85% for FY25, FY24, and FY23, respectively. In the last three fiscal years, operational centres, operational seats, and operational super built-up areas grew at CAGRs of 23.67%, 16.34%, and 15.24%, respectively. The company maintains quality standards with registrations under ISO 9001:2015 for providing co-working spaces and ongoing support to customers and ISO 27001:2022 for information security management systems encompassing all processes for providing co-working spaces and continuous support. India's flexible office sector is experiencing significant growth, with flex space stock increasing from 18.6 million sq ft in 2018 to 74.0 million sq ft in 2024 at a CAGR of 26%, and operational flex stock estimated to double over the next 5 years to reach approximately 129 million sq ft by 2028. The penetration of the flex segment in India's total office stock has grown from 3.0% in 2020 to 7.3% currently, with expectations to reach 8-9% over the next 5 years. The company aims to establish 8 new centres under the straight-lease model and furnished-by-landlords model, with a total estimated SBA of 940,961 sq. ft. over the next two financial years in cities in India and abroad. Out of these, 4 centres with a total estimated SBA of 664,692 sq. ft. are proposed to be set up from the net proceeds of the issue under the straight-lease model. The company is also expanding globally and has entered into an LoI for setting up a centre in Sydney, Australia, targeted to be operational in FY26. With GCC office stock in India expected to grow from ~245 mn sq. ft. to 300 mn sq. ft. over the next 3 years, the company (through its associate Scaleax Advisory Pvt. Ltd.) is well-positioned to benefit by providing workspace, facility management, and recruitment services to GCCs. Now, Dev Accelerator Ltd is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹143.35 crore. The total issue size of the IPO is ₹143.35 crore. Its shares will be listed on the NSE and BSE.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   10 Sept 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   12 Sept 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   15 Sept 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   16 Sept 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   16 Sept 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   17 Sept 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.