The initial public offering (IPO) of Dev Accelerator will open for subscription on September 10 and will close on 12. The issue will open for subscription today along with two other mainboard issues – Urban Company IPO and Shringar House of Mangalsutra IPO.
Dev Accelerator provides workspace solutions ranging from individual desks to fully customised office setups. Its offerings include sourcing office spaces, tailoring designs, developing work environments, and delivering technology solutions, ensuring end-to-end asset management.
The company operates across both Tier 1 and Tier 2 markets in India, with a footprint in regions like Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, Rajkot, and Vadodara.
As of May 31, 2025, it serves more than 250 clients through 28 centres in 11 cities, managing 14,144 seats with a total supervised area of 860,522 square feet of SBA.
Dev Accelerator IPO subscription status
Subscription for the public issue will open at 10:00 IST during Wednesday’s deals.
Dev Accelerator IPO – Review
Brokerage firm Anand Rathi has given ‘subscribe for long-term’ rating to the Dev Accelerator IPO, considering the issue is viewed as fully priced.
“At the upper end of the price band, the company is valued at 305x FY25 P/E and 3.5x P/S, with a post-issue market capitalization of ₹5,501 million. It has broadened its offerings to include HR, IT, and software services through Saasjoy to strengthen client retention and address evolving workplace and technology needs. Additionally, via its associate Scaleax Advisory Private Limited, it helps GCCs build global teams in India by providing facility and payroll management, as well as recruitment solutions like talent sourcing, AI-based screening, and team augmentation. Considering these factors, the IPO is viewed as fully priced, warranting a “SUBSCRIBE – LONG TERM” recommendation,” the brokerage firm said.
Meanwhile, brokerage firm Reliance Securities has also given ‘ subscribe’ tag, considering expansion into Tier-1 plans and an upcoming overseas foray add long-term potential.
“DevX has carved a niche as a Tier-2 market leader in managed workspaces with strong occupancies and enterprise-focused solutions. Its multi-model approach balances growth and capital efficiency, while revenue and ROCE have improved sharply. Expansion into Tier-1 and an upcoming overseas foray add long-term potential. Owing to such developments, we recommend to Subscribe,” the firm said.
Dev Accelerator IPO details
Dev Accelerator’s IPO is a complete fresh issue of 2.35 crore equity shares, priced in the range of ₹56- ₹61 per share.
For retail investors, the minimum bid size is one lot of 235 shares, requiring an investment of ₹14,335. The lot size for small non-institutional investors (sNII) is 14 lots, amounting to ₹2,00,690, while for large NIIs (bNII) it is 70 lots, translating to ₹10,03,450.
The proceeds from the IPO will be utilized for capital expenditure on fit-outs at upcoming centres, security deposits for these centres, repayment of certain borrowings including redemption of NCDs, and for general corporate purposes.
The share allotment is likely to be finalized on September 15, 2025, with listing on both BSE and NSE tentatively scheduled for September 17, 2025.
Pantomath Capital Advisors Pvt. Ltd. is acting as the book-running lead manager, while Kfin Technologies Ltd. is the registrar of the issue.
Dev Accelerator IPO GMP today
The shares are Dev Accelerator IPO are trading at decent grey market premium (GMP). As per market reports, Dev Accelerator IPO’s GMP slipped slightly to ₹9 on the opening day.
Based on the upper end of the IPO price band at ₹61 and the current GMP, the estimated listing price of Dev Accelerator shares could be around ₹70, reflecting a premium of 14.75%. While this indicates a positive listing outlook, it’s important to remember that GMP can be highly volatile.
In essence, the grey market premium reflects how much investors are willing to pay above the issue price. However, investment decisions in an IPO should not be based solely on GMP – factors such as the company’s fundamentals, valuations, and individual risk tolerance must also be considered.