Dev Accelerator IPO - Listing Performance & Details

Dev Accelerator Limited, popularly known as DevX, was founded in 2017 and is headquartered in Ahmedabad, Gujarat. It works in the commercial real estate sector, providing flexible workspace solutions.

The company offers managed offices and coworking spaces to large corporates, multinational companies and SMEs, with a full-stack approach that includes in-house interior design and execution through its subsidiary, Needle and Thread Designs LLP. As of May 2025, it served more than 250 clients across 28 centres in 11 Indian cities, including Delhi NCR, Hyderabad, Mumbai, Pune and Ahmedabad, with about 14,144 seats spanning 8.61 lakh square feet, and it has also announced plans to expand into Sydney. Managed office services contributed the larger share of FY25 revenue from operations, at about 58.77%, compared with about 5.61% from coworking. The company was founded by Parth Shah, Rushit Shah and Umesh Uttamchandani, and is a subsidiary of listed IT company Dev Information Technology.

Revenue from operations rose 55% to Rs 108.08 crore in FY24 from Rs 69.91 crore in FY23, with the company turning profitable at Rs 43.7 lakh in FY24 after a loss of Rs 12.8 crore in FY23, as per the DRHP. The IPO was a mainboard book-built issue of about Rs 143.35 crore on the NSE and BSE, structured entirely as a fresh issue of about 2.35 crore equity shares with no offer for sale, and it opened for subscription on 10 September 2025. Net proceeds from the fresh issue were earmarked for capital expenditure on fit-outs and security deposits for new centres (about Rs 73.12 crore), repayment or prepayment of certain borrowings including redemption of NCDs (Rs 35 crore), and general corporate purposes.