Dev Accelerator was incorporated on September 14, 2017. The company is one of the largest flex space operators by operational flex stock in tier 2 markets. Specializing in built-to-suit managed office solutions, it operates across 15 submarkets in India, including tier 1 cities like Delhi NCR, Hyderabad, Mumbai, and Pune, and tier 2 cities such as Ahmedabad, Indore, Jaipur, Udaipur, and Vadodara, offering integrated services from sourcing and designing office spaces to technology solutions and asset management
| Bidding Dates |
|---|
| 10 Sep 2025 - 12 Sep 2025 |
| Subscription |
|---|
| 63.97x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹13,160 | 1 | 13 | 235 | 23.5 M | ₹56 - ₹61 | 36.81 % | ₹1316.0 M - ₹1433.5 M | RHP DOC |
Dev Accelerator IPO SUBSCRIPTION STATUS
12 Sep '25Dev Accelerator IPO overall subscription rate was 63.97 times the total available shares
Dev Accelerator IPO retail subscription rate was 164.72 times in the retail segment
Dev Accelerator IPO non-institutional investor subscription rate was 87.97 times in the non-institutional investor category
Dev Accelerator IPO Qualified Institutional Bidder subscription rate was 20.3 times the available shares for Qualified Institutional Bidder
Dev Accelerator IPO Employees subscription rate was 17.61 times in the Employees category
Dev Accelerator IPO Reservation PortionShareholder subscription rate was 46.98 times in the Reservation PortionShareholder category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees | Reservation PortionShareholder |
|---|---|---|---|---|---|
| Category Reservation | 10% | 15% | 75% | - | - |
12 Sep 2025 (Day 3) | 164.72x | 87.97x | 20.3x | 17.61x | 46.98x |
11 Sep 2025 (Day 2) | 59.31x | 15.36x | 2.4x | 6.16x | 13.39x |
10 Sep 2025 (Day 1) | 19.55x | 4.46x | 1.16x | 2.34x | 4.15x |
Dev Accelerator FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY25 | 158.9 | 1.8 | 93.8 | 82.2 | 50.6% |
| FY24 | 108.1 | 0.4 | 7.6 | -26.3 | 59.9% |
| FY23 | 69.9 | -12.8 | 26.5 | 2.4 | 42.7% |
Dev Accelerator IPO SUBSCRIPTION STATUS DETAILS
Dev Accelerator had 23.5 M shares on offer
Dev Accelerator IPO offer price was in the range ₹56 - ₹61
Dev Accelerator IPO minimum Investment was ₹13160
Dev Accelerator IPO issue size was ₹ 1316.0 M - ₹ 1433.5 M
Dev Accelerator had a minimum lot size of 235 Shares per application
Dev Accelerator NUMBER OF SHARES ON OFFER
Dev Accelerator IPO IMPORTANT DATES
| Issue Open Date | 10 Sep 2025 |
| Issue close Date | 12 Sep 2025 |
| Allotment Date | 15 Sep 2025 |
| Refund Date | 16 Sep 2025 |
| Demat Account Credit Date | 16 Sep 2025 |
| Listing Date | 17 Sep 2025 |
| Listing on Exchange(s) | NSE and BSE |
| Dev Accelerator Allotment Status | Exchange/ Registrar |
Dev Accelerator IPO subscription opened on 10 Sep 2025, and closed on 12 Sep 2025
IPO allotment for Dev Accelerator was finalized on Monday, 15 Sep 2025
IPO listing for Dev Accelerator was on NSE and BSE on Wednesday, 17 Sep 2025
Dev Accelerator IPO LISTING GAINS
| Issue Price (adjusted) | 61.0 |
| Listing Open Price | 61.0 |
| Listing Close Price | 64.0 |
| Listing Gain% | 0.0% |
| Current Gain% | -44.3% |
Dev Accelerator Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dev Accelerator Ltd. | 34 | 306.6 | 36.5 | 0.1 | 1.4 | 4.7 | 1.4 | 235.5 | 32.4 | 8.8 | 404.9 | 0.9 | 381.2 |
| Urban Company Ltd. | 139.3 | 21482.6 | -64.3 | 0.3 | 12.5 | -11 | -8.7 | 1692.2 | 34.2 | -234.8 | -197.9 | -2.2 | -242.6 |
| WeWork India Management Ltd. | 725.2 | 10050.6 | 119.3 | -2.9 | 3.9 | 25 | 1 | 2490.4 | 23 | 74.4 | -41.6 | 6.1 | -41 |
| Smartworks Coworking Spaces Ltd. | 481.9 | 5506.3 | 197.5 | 1.2 | 2.8 | 2 | 0.2 | 1849.9 | 31.2 | 10.5 | 116.7 | 2.4 | 162.8 |
| Indiqube Spaces Ltd. | 185.5 | 3933 | -37 | -1.6 | 2.7 | -20.6 | -1.6 | 1527.5 | 38.5 | -106.3 | 23.8 | -5 | 23.8 |
| Awfis Space Solutions Ltd | 269.6 | 1929.3 | 27.2 | 6.2 | 1.3 | 12.8 | 2.4 | 1586.1 | 25.8 | 70.9 | 4.4 | 9.9 | 4.4 |
Dev Accelerator INFORMATION ON IPO ISSUE
About Dev Accelerator
Dev Accelerator was incorporated on September 14, 2017. The company is one of the largest flex space operators by operational flex stock in tier 2 markets. Specializing in built-to-suit managed office solutions, it operates across 15 submarkets in India, including tier 1 cities like Delhi NCR, Hyderabad, Mumbai, and Pune, and tier 2 cities such as Ahmedabad, Indore, Jaipur, Udaipur, and Vadodara, offering integrated services from sourcing and designing office spaces to technology solutions and asset management
Object of the Issue
- Capital expenditure for fit-outs in the new centres and for security deposits of the new centres
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company including redemption of non-convertible debentures issued by the company
- General corporate purposes
Dev Accelerator - PROMOTERS
| Name |
|---|
| Parth Shah |
| Umesh Uttamchandani |
| Rushit Shah |
Dev Accelerator - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Parth Naimeshbhai Shah | Chairman & Whole-time Director |
| Umesh Satishkumar Uttamchandani | Managing Director |
| Rushit Shardulkumar Shah | Whole-time Director |
| Jaimin Jagdishbhai Shah | Non – Executive Nominee Director |
| Yash Shah | Non- Executive Non- Independent Director |
| Gopi Trivedi | Independent Director |
| Praveen Kumar | Independent Director |
| Pathik Patwari | Independent Director |
| Anish Patel | Independent Director |
| Anand Patel | Independent Director |
Dev Accelerator Book Running Lead Manager
Pantomath Capital Advisors Private Limited
devx.ipo@pantomathgroup.com
Dev Accelerator Registrar to the Offer
KFIN Technologies Limited
dal.ipo@kfintech.com
Dev Accelerator Strengths
Geographical presence
Leveraging the strong relationships built by employees, the company effectively serves both current and potential customers. With operations in 11 cities, including Ahmedabad, Mumbai, Noida, Pune, Hyderabad, Jaipur, and Vadodara, it manages a total area of 8,06,635 sq. ft. This understanding of evolving consumer preferences has facilitated both growth and seamless expansion across the country
Customer-centric business model
The company provides fully customizable office spaces tailored to specific business needs, allowing customers to avoid capital expenditure. This enables businesses to establish their presence without significant upfront investment, allowing them to allocate resources more effectively toward core activities
Dev Accelerator Risks
Dependent on certain industry
Over the past three fiscal years, a significant portion of the company’s revenue (over 80%) has come from clients in the IT/ITES industry. A loss or significant decrease in business from these clients could adversely impact operations, financial condition, and cash flows
Client acquisition and retention
The company may struggle to attract enough new clients in the managed office space segment or retain existing clients, many of whom have long-term service agreements. Additionally, clients may not agree to rates that sustain or grow the client base
Dependent on top 10 customers
Although the company has a diversified customer base, with the top 10 customers contributing slightly less than 50% of revenue over the past three fiscal years, a decline in sales from any key customer could negatively impact the business and its operational results
IPO FAQs
The promoters of the company are Parth Shah, Umesh Uttamchandani and Rushit Shah.
The category allocation of qualified institutional buyers is 75.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 10.0%.
The price band of the IPO is Rs 56.0 - 61.0.
The IPO application opens on Sep 10, 2025 and closes on Sep 12, 2025.
The minimum lot size for the IPO is 235. The maximum lot size for the IPO is 3055.
For all category investors, the minimum application amount for this IPO is Rs. 13,160.0, the maximum value for this IPO is Rs 186,355.0.
This IPO will be allotted on Sep 15, 2025.
The refund will be credited to your account on Sep 16, 2025.
The allotted shares will be credited to your demat on Sep 16, 2025.
Dev Accelerator Ltd.’s shares listed on the stock exchanges on Sep 17, 2025.