Dev Accelerator IPO Subscription Reaches 5.34 Times on Day 1

The Dev Accelerator IPO has received a strong response from investors, with a subscription of 5.34x by the end of Day 1. The company is offering shares at a price of Rs. 56 to Rs 61 per share, with a minimum lot size of 235 shares. The issue size stands at 2,35,00,000 shares (aggregating up to Rs 143.35 crore), comprising fresh issues. Stay tuned for the latest updates on the Dev Accelerator subscription status as the offering progresses.

Dev Accelerator IPO Subscription Status - Day 1

The Dev Accelerator IPO was subscribed 5.34 times overall by the end of Day 1, with Retail Investors at 19.60 times, Non-Institutional Investors (NIIs) with a demand at 4.46 times, and Qualified Institutional Buyers (QIBs) at 1.16 times.

Last updated: 05:04 PM, Wednesday, 10 Sep 2025

Company Overview of the Dev Accelerator IPO

Dev Accelerator Limited, also known as DevX, is a leading provider of flexible office spaces in India, founded in 2017. The company operates 28 centers across 11 Indian cities, such as Delhi-NCR, Hyderabad, Mumbai, and Pune, managing around 8,60,522 square feet of workspace with 14,144 seats. It serves more than 250 clients, including large corporations, multinational firms, and SMEs. DevX's business model offers flexible and customizable office solutions, including coworking spaces and managed offices tailored to modern business needs, with lease options that support remote work trends.

It positions itself as one of the largest managed space operators in Tier 2 Indian markets with a customer-centric, integrated business model and quick turnaround for office space delivery.

Strengths and Risks of Dev Accelerator IPO

Let’s dive into the strengths and risks to assess if the Dev Accelerator IPO is good or bad for investors

Strengths

• Strong Revenue Growth: Revenue surged by 47% from Rs 108.09 crore in FY24 to Rs 158.88 crore in FY25, evidencing robust demand for managed and coworking office spaces.

• Expanding Asset Base: Total assets increased 31% from Rs 411 crore in FY24 to Rs 540 crore in FY25, indicating ongoing investments in infrastructure and new centers.

• Experienced Leadership: The promoter group has strong backgrounds in technology, real estate, and business management, driving company growth and strategic direction.

• Geographic Presence: Operations in 11 major Indian cities with plans to expand internationally, like Sydney, Australia, which provides exposure to diversified markets.

• Customer Base: As of May 31, 2025, the company serves over 250 clients, including corporates and SMEs, with occupancy rates around 88%, reflecting consistent demand.

Risks

• High Debt Levels: The debt-to-equity ratio stands at 2.39 times, which relates to higher borrowings against equity in FY25. This represents a higher financial leverage that requires prudent management.

• Competitive Market: Operates in a competitive coworking space sector with bigger players like Awfis and Smartworks posing market share challenges.

• Geographic Concentration: The Majority of operations are in Indian cities with limited international diversification, posing concentration risk.

• Execution Risk: Expansion plans to new cities and overseas require effective execution and capital deployment.

• Economic Sensitivity: Demand for flexible office space is correlated to economic conditions; downturns could reduce occupancy and revenues.

Dev Accelerator IPO Details

• IPO Date: September 10, 2025 to September 12, 2025

• Issue Price: Rs 56 to Rs 61 per share

• Lot Size: 235 shares

• Total Issue Size: 2,35,00,000 shares (aggregating up to Rs 143.35 crore)

• Tentative Allotment Date: Monday, September 15, 2025

• Tentative Listing Date: Wednesday, September 17, 2025

How to Apply for Dev Accelerator IPO

• Visit the Rupeezy app or Rupezy DOCK.

• Navigate to the IPO section on the Home Page

• Here, you can view all the IPOs with details such as market lot, minimum bid quantity, price range, and analysis.

• You can read the Red Herring Prospectus for the issue details.

• Click on Apply.

• Enter your UPI ID for payment & place the bid.

• While placing the bid, enter the cutoff price or desired price in the range specified. Select quantity as per lot size. 

• Submit to complete the order.