Dev Accelerator IPO Opens Tomorrow With 16% Listing Gain Buzz

Tomorrow, September 10, 2025, marks the opening of Dev Accelerator Limited’s Initial Public Offering (IPO). The company, operating under the brand name DevX, offers flexible coworking and managed office spaces across India. The IPO, with a price range of ₹56 to ₹61 per share, plans to raise ₹143.35 crore by issuing 2.35 crore fresh equity shares. The IPO subscription will close on September 12, 2025, and the shares are likely to list on the BSE and NSE on September 17, 2025.

Investor sentiment is already building, with the grey market premium (GMP) indicating a potential listing gain of approximately 16%. This suggests that shares could debut at around ₹71 each, higher than the upper end of the issue price band.

About Dev Accelerator

Dev Accelerator Limited, known as DevX, specializes in providing flexible coworking and managed office spaces. Founded in 2017, the company has rapidly expanded its presence across India. By May 31, 2025, DevX runs 28 centers across 11 cities, such as Delhi-NCR, Mumbai, Pune, and Hyderabad, offering 14,144 seats over 860,522 square feet.

The company’s business model focuses on offering customizable workspaces that cater to the evolving needs of modern enterprises. This includes providing support for remote work trends, flexible leasing options, and scalable office solutions.

IPO Details

• Issue Size: ₹143.35 crore
• Price Band: ₹56 to ₹61 per share
• Number of Shares Offered: 2.35 crore new equity shares.
• Subscription Dates: September 10 to September 12, 2025
• Listing Date: September 17, 2025
• Lot Size: 235 shares
• Anchor Investor Allocation: Scheduled for September 9, 2025

The funds raised from the IPO will be utilized for capital expenditure to outfit new centers, repayment of certain borrowings, and general corporate purposes.

Market Buzz and Listing Gains

Investor interest in the Dev Accelerator IPO is gaining momentum, with the grey market premium (GMP) indicating a potential listing gain of approximately 16%. This suggests that shares could debut at around ₹71 each, higher than the upper end of the issue price band.

The positive sentiment is attributed to the company’s strong financial performance, expanding market presence, and the growing demand for flexible office spaces in India.

Financial Performance and Valuation

In the fiscal year 2025, Dev Accelerator reported a 47% increase in revenue, reaching ₹158.9 crore, up from ₹108 crore the previous year. The company’s market value is projected to be approximately ₹550 crore based on the highest price in the IPO range.

DevX’s competitors in the coworking space industry include Awfis Space Solutions, Smartworks Coworking Spaces, and Indiqube Spaces, with price-to-earnings (P/E) ratios ranging from 28.69 to 74.04. This positions DevX competitively within the sector.

Investor Considerations and Risks

Although the Dev Accelerator IPO shows strong potential, investors need to be aware of the following risks: 

• Profitability: The company has yet to achieve consistent profitability, which could impact future earnings.
• Debt Levels: The company plans to utilize a portion of the IPO proceeds to repay existing borrowings, indicating current debt obligations.
• Market Competition: The flexible workspace industry is highly competitive, with numerous players vying for market share.

Conclusion

The Dev Accelerator IPO gives investors an opportunity to participate in the growth of India’s flexible office space sector. With solid market standing, healthy financial results, and attractive valuation, the company is well placed for continued growth. Still, investors should evaluate the risks carefully and perform proper due diligence before deciding to invest.

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This content is for informational purposes only and is not financial advice. Always conduct your research.