Dev Accelerator Launches IPO to Raise ₹143 Crore for Expansion

Dev Accelerator Ltd., operating under the brand DevX, is set to launch its Initial Public Offering (IPO) on September 10, 2025. The company aims to raise up to ₹143.35 crore through the issuance of 2.35 crore fresh equity shares, priced between ₹56 and ₹61 each. The subscription window will close on September 12, with shares expected to list on the BSE and NSE on September 17.

DevX is a prominent player in India’s flexible workspace sector, offering co-working and managed office solutions across 11 cities, including Delhi-NCR, Mumbai, Hyderabad, and Pune. As of May 2025, the company operates 28 centers with a combined seating capacity of over 14,000, catering to more than 250 clients.

The IPO proceeds will be utilized for capital expenditure, including the establishment of new centers, and to reduce existing debt. The issue comprises entirely fresh shares, with no offer for sale by existing shareholders. The minimum bid lot is 235 shares, translating to an investment of approximately ₹13,160 at the lower end and ₹14,335 at the upper end of the price band.

In the unlisted market, the IPO is currently trading at a grey market premium of 13.11% over the upper issue price, suggesting positive investor sentiment ahead of the opening.

With a post-issue market capitalization estimated at ₹550 crore, Dev Accelerator’s IPO presents an opportunity for investors to participate in the growing flexible workspace industry in India.