Dev Accelerator IPO Date, Price, GMP, Review, Details

Dev Accelerator Limited, or DevX as it is popularly known, has recently been at the center of attention with its listing through an initial public offering (IPO) in September 2025. The firm, which deals in flexible workspace and managed office space, has consistently grown its business in India, serving the increasing demand for coworking and tailored office solutions. Its IPO drew significant investor attention, rendering it one of the most batted-about public issues of the season.

Dev Accelerator Ltd – GMP Details

The Grey Market Potential (GMP) of Dev Accelerator Ltd stood at ₹10 as of September 14, 08:36 a.m. The estimated listing price is expected to be ₹71 based on the upper price band of ₹61. The expected percentage gain per share is 16.39%.

Parameter	Details
Company Name	Dev Accelerator Ltd (DevX)
Industry / Business	Flexible & managed office spaces, coworking, design & execution services, facility management
Issue Type	Book Built, Fresh Issue Only
Face Value	₹2 per share
Price Band	₹56 – ₹61 per share
Issue Size	Up to 23,500,000 equity shares (₹143.35 crore at upper band)
Lot Size	235 shares
Minimum Investment	~₹14,335 (at upper band)
IPO Opening Date	10 September 2025
IPO Closing Date	12 September 2025
Basis of Allotment	15 September 2025
Refunds / Demat Credit	16 September 2025
Listing Date	17 September 2025
Exchanges	BSE & NSE

Subscription Details

Category	Subscription (× times)
Overall	63.97×
Retail Investors (RII)	164.70×
Non-Institutional Investors (NII)	87.97×
Qualified Institutional Buyers (QIBs)	20.30×

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Grey Market Premium (GMP)

Parameter	Value
GMP (approx.)	₹10 – ₹12
Expected Listing Price	~₹71 (against ₹61 upper band)

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Financial Performance

Year / Period	Revenue (₹ Cr)	Growth
FY23	69.91	–
FY24	108.09	↑ 54.6%
FY25	158.87	↑ 46.9%

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Operational Metrics

Metric	Value
Managed Area	~860,522 sq. ft.
Seats / Occupancy	~14,144 seats, 87–88% occupancy
Cities	11 Indian cities
Revenue Mix	Managed space (58.8%), Design & execution (25.4%), Others
Client Concentration	>55% from IT/ITeS sector

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Use of Proceeds

Purpose	Allocation
Fit-outs & new centres (CapEx)	Major share
Security deposits for new centres	Significant
Debt repayment / redemption of NCDs	Planned
General corporate purposes	Marketing, brand building, lease obligations

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Valuation & Risks

Aspect	Details
P/E Ratio	~310× (very high)
EPS (FY25)	~₹0.27
Strengths	Strong occupancy, asset-light elements, presence in Tier-1 & Tier-2 cities, diversified revenue
Risks	High valuation, client concentration, IT/ITeS dependency, lease liabilities, expansion execution risks

Disclaimer:

• IPO Grey Market Premium (Dev Accelerator IPO GMP) mention is valid for the specific date as mentioned in the header.
• We are not buying and selling IPO forms on IPO Grey Market.
• Do not subscribe for IPO by just seeing the premium Price as it may change anytime before listing. Subscribe only considering the fundamentals of the companies.