DEV Accelerator IPO allocation to be completed today. Check the status, GMP and other details

The RS 143 Crore IPO from DEV Accelerator (DEVX), one of the fastest growing co-working and managed Office providers in India, closed on a blockbuster memorandum on 12 September with a subscription of 64 times. The allocation will be completed on 15 September, with repayments and Demat credits on 16 September. The shares will debut on the NSE and BSE on 17 September.

In the Gray Market, the IPO recommends a premium of RS 8 per share, or about 13% compared to the issue price of RS 61. This translates into an estimated listing price of RS 65, which points to modest but positive list expectations compared to the mass oversubcripts that was seen.

IPO -Details

The issue was completely a new issue of 2.35 crore shares, which yielded £ 143.35 crore. The price band was set at RS 56–61 per share. The IPO received a strong question between categories – Retail investors led the show with bids 165 times their quota, followed by NIIs at 88 times and Qibs at 20 times. Even the reservation categories for employees and shareholders saw a heavy question at 17.6 times and 47 times.

Use of yields

According to the Red Herring Prospectus, DEV Accelerator will use the funds for capital spending and fit-outs in new centers, together with related security deposits, repayment and advance payment of loans, including repayment of NCDs and general business purposes.

Company background

DEVX, founded in 2017, has become one of the largest flexible office space providers in India, with 28 centers in 11 cities and more than 14,000 seats under management. It has more than 250 customers, including companies, MNCs and SMEs, and has also signed Lois for his first international center in Sydney.

For FY25, DEVX reported a turnover from 62% to £ 178.9 crore and an increase of 303% in net profit to £ 1.7 crore. However, the valuations remain rich in a p/e after the edition of 315x, which expresses concern about sustainability.

How to check the allocation

1. On the website of the registrar (Kfin Technologies)

Visit Kfin IPO allocation page (https://kosmic.kfintech.com/ipostatus/))

Select DEV Accelerator IPO from the drop -down list.

Enter Pan, Application Number or DP/Client ID.

Click Send to view allocation.

2) On the BSE Exchange website

Visit BSE allocation page (https://www.bseindia.com/investors/appli_check.aspx))

Select Equity and choose DEV Accelerator from the drop -down list.

Enter the application number and pan.

Click Search to check the status.

DEV Accelerator, founded in 2017, offers managed office solutions, co-working spaces and design-build services.

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The company has created a leading position in Tier-2 markets while maintaining a presence in large subways such as Delhi NCR, Mumbai, Hyderabad and Pune. From May 2025 it operated 28 centers in 11 cities with 14,144 seats and more than 8.6 Lakh square meters in management.

The focus is on large companies and offers fully adapted offices with lease conditions of 5-9 years and lock-in periods of 3.5-5 years. The company also offers facility management, wage processing and IT/ITES services through its subsidiaries. Customers include large MNCs, domestic companies and SMEs.

DEVX’s aggressive expansion, selection framework clients and anchorback-backing fuel optimism, but the rich ratings and thin network margins make the post-listing trip that is worth seeing. The list on September 17 will be an early test of how the market appreciates India’s coworking story.

Turnover rose 47% on an annual basis to RS 1.59 crore in FY25, while the consolidated profit after the load on RS was 1.8 crore, an increase in RS 40 Lakh in FY24. The turnaround follows heavy losses in FY23. Despite the growth, the margins remain thin, with a pat -margin at only 1.1%.