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Dev Accelerator Ltd IPO: Driving India’s Co-Working Revolution
Dev Accelerator Ltd, a fast-growing flexible office space provider with 14,144 seats across 15 Indian cities, is hitting the IPO market. The funds will fuel new centres, loan repayment, and future expansion. Here’s everything you need to know.
Written by: SERNET Research Team
Table of Content
Dev Accelerator Ltd
Dev Accelerator Ltd is engaged in providing flexible office spaces along with co-working environment. The company has already expanded its presence to 15 cities across India, with most of them focused on fast-growing cities like New Delhi, NCR, Hyderabad, Pune, and Mumbai. Most of the spaces are tailored to the unique needs of modern business and to reduce the fixed costs of early-stage businesses. It has over 14,144 seats across cities.
The fresh funds will be used for funding new centres, including payment of security deposits for the same. Part of the funds will also go towards loan repayment. Dev Accelerator Ltd was promoted by Parth Shah, Umesh Uttamchandani, Rushit Shah, and Dev Information Technology Ltd. The IPO will be lead-managed by Pantomath Capital Advisors Private Ltd; while KFIN Technologies Ltd will be the IPO registrar. The company is headquartered in Ahmedabad, the commercial capital of the state of Gujarat.
Highlights Of The IPO Issue
Here are the key highlights of the public issue of Dev Accelerator Ltd.
- The IPO of will be open from September 10th, 2025 to September 12th, 2025. It has a face value of ₹2 per share and IPO price band is set in range of ₹56 to ₹61 per share.
- The IPO of Dev Accelerator Ltd will be entirely a fresh issue of shares with no offer for sale (OFS) component.
- The fresh portion of the IPO comprises the issue of 2,35,00,000 shares (235.00 lakh shares), which at the upper price band of ₹61 per share translates into ₹143.35 crore.
- As there is no OFS, the overall IPO will also comprise the fresh issue of 2,35,00,000 shares (235.00 lakh shares) worth ₹143.35 crore at the upper band price of ₹61 per share.
The IPO of Dev Accelerator Ltd will be listed on the NSE and the BSE on the IPO mainboard.
Key Dates, Investor Allocation, And Lot Sizes
Here are the key dates pertaining to the IPO of Dev Accelerator Ltd
| Event | Tentative Date |
| IPO Open Date | 10th September 2025 |
| IPO Close Date | 12th September 2025 |
| Basis of Allotment | 15th September 2025 |
| Initiation of Refunds to non-allottees | 16th September 2025 |
| Credit of Shares to Demat | 16th September 2025 |
| Listing Date on NSE and BSE | 17th September 2025 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Category of Investors | Allocation of shares | % Share |
| Reservation for Employees | 1,64,500 shares | 0.70% of total IPO size |
| Reservation for Shareholders | 3,29,000 shares | 1.40% of total IPO size |
| Anchor Allocation | 1,03,52,925 shares | 44.06% of total IPO size |
| QIB Shares Offered | 69,01,950 shares | 29.37% of total IPO size |
| NII (HNI) Shares Offered | 34,50,975 shares | 14.69% of total IPO size |
| Retail Shares Offered | 23,00,650 shares | 9.79% of total IPO size |
| Total Shares Offered | 2,35,00,000 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Dev Accelerator Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 235 | ₹ 14,335 |
| Retail (Max) | 13 | 3,055 | ₹ 1,86,355 |
| S-HNI (Min) | 14 | 3,290 | ₹ 2,00,690 |
| S-HNI (Max) | 69 | 16,215 | ₹ 9,89,115 |
| B-HNI (Min) | 70 | 16,450 | ₹ 10,03,450 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 235 shares)
Financial Highlights
The table captures the key financials of Dev Accelerator Ltd for last 3 financial years.
| Particulars | FY25 | FY24 | FY23 |
| Net Revenues (₹ in crore) | 158.88 | 108.09 | 69.91 |
| Sales Growth (%) | 46.99% | 54.61% | |
| Profit after Tax (₹ in crore) | 1.74 | 0.43 | -12.83 |
| PAT Margins (%) | 1.10% | 0.40% | -18.35% |
| Total Equity (₹ in crore) | 54.79 | 28.79 | 1.22 |
| Total Assets (₹ in crore) | 540.38 | 411.09 | 282.42 |
| Return on Equity (%) | 3.18% | 1.50% | -1049.92% |
| Return on Assets (%) | 0.32% | 0.11% | -4.54% |
| Asset Turnover Ratio (X) | 0.29 | 0.26 | 0.25 |
| Earnings per share (₹) | 0.27 | 0.08 | -2.55 |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
The company has shown steady growth in sales, and profits have turned around only in the last two years. However, the ROE and ROA are fairly low, as is the asset turnover. That is understandable considering that co-working is a high intensity business, where the return on capital does take time to show up.
Valuation Metrics of IPO
At the current issue price of ₹61 per share, the valuation of the company is at a P/E ratio of 225.9X in terms of latest year EPS. This is relatively on the higher side, but that is fairly normal in the co-working space business in the early years as it is a capital-intensive business. The profits start to show up only when utilization picks up.
There are some intangible advantages that Dev Accelerator brings to the table. It has a niche leadership position in specific locations and has scaled up rapidly in terms of seats and clients. The pricing of the service has also been designed in a way that leaves something on the table for the businesses, something that may work in their favour. It may be an indirect way to participate in the vertical and horizontal growth of Indian businesses, although profitability by quarter needs to be monitored.
A Brief On The Anchor Allocation
The anchor issue of Dev Accelerator Ltd saw a strong response on 09th September 2025 with 44.06% of the IPO size absorbed by anchors. Out of 2,35,00,000 shares (235 lakh shares) on offer, anchors picked up 1,03,52,925 shares (103.53 lakh shares) accounting for 44.06% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹61 per share. This includes the face value of ₹2 per share plus a share premium of ₹59 per share. The anchor bidding opened and closed on 09th September 2025.
Key Points To Note In The Anchor Allocation Process
Here are the key details pertaining to the anchor bidding of Dev Accelerator Ltd
| Bid Date | September 09, 2025 |
| Shares Offered | 1,03,52,925 shares |
| Anchor Portion Size (₹ in crore) | ₹63.15 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | October 15, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | December 14, 2025 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
Anchor Allocation Investors
On 09th September 2025, Dev Accelerator Ltd allotted 1,03,52,925 shares to 11 anchor investors. The allocation was done at the upper IPO price band of ₹61 per share which resulted in overall anchor allocation of ₹63.15 crore. The anchors have already absorbed 44.06% of the total issue size of ₹143.35 crore. Listed below are the 10 IPO anchor investors who accounted for anchor collection of ₹58.15 crores, or, 92.08% of anchor allocation.
| Anchor Investors |
No. of Shares |
% of Anchor Portion |
Value Allocated |
|
| 01 | Finavenue Growth Fund | 16,39,360 | 15.83% | ₹ 10.00 |
| 02 | Sunrise Investment Opportunities Fund | 11,72,415 | 11.32% | ₹ 7.15 |
| 03 | VPK Global Venture Fund | 9,83,710 | 9.50% | ₹ 6.00 |
| 04 | Universal Sompo General Insurance | 8,19,680 | 7.92% | ₹ 5.00 |
| 05 | Abans Finance Private Ltd | 8,19,680 | 7.92% | ₹ 5.00 |
| 06 | Chhattisgarh Investments Ltd | 8,19,680 | 7.92% | ₹ 5.00 |
| 07 | Meru Investment Fund | 8,19,680 | 7.92% | ₹ 5.00 |
| 08 | SB Opportunities Fund | 8,19,680 | 7.92% | ₹ 5.00 |
| 09 | Shine Star Build Cap Private Ltd | 8,19,680 | 7.92% | ₹ 5.00 |
| 10 | VCUBE Ventures Fund | 8,19,680 | 7.92% | ₹ 5.00 |
| Grand Total | 95,33,245 | 92.08% | ₹ 58.15 |
Data Source: BSE Filings (Value Allocated in ₹ in Crore)
The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.
Out of the 1,03,52,925 shares allocated to the anchors in the IPO, there were no shares allotted to domestic mutual funds regulated by SEBI. The investors were predominantly Insurers, AIFs, and NBFCs.
Next Steps In The Dev Accelerator Ltd IPO
Post the closure of the IPO subscription on 12th September 2025, the basis of allotment will be finalized on 15th September 2025 and the refunds will be initiated on 16th September 2025. In addition, the demat credits are expected to also happen on 16th September 2025 and the stock will list on 17th September 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 16th September 2025 under ISIN (INE0VOV01021).
IPO Subscription Status On Day-1
As of 5.25 pm on 10th September 2025, out of the 131.47 lakh shares on offer in the IPO (excluding anchor portion), Dev Accelerator Ltd saw bids for 701.30 lakh shares. This implies an overall subscription of 5.33X at a macro level. The granular break-up of subscriptions as of the close of Day-1 of the IPO of Dev Accelerator Ltd was as under:
| Employees (2.34X) |
Shareholders (4.15X) | QIBs (1.16X) |
HNI / NII (4.46X) |
Retail (19.55X) |
The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category |
Subscription (times) |
Shares Offered |
Shares bid for |
Total Amount (₹ in Crore) |
| Anchor Investors | 1.00 | 1,03,52,925 | 1,03,52,925 | 63.15 |
| Shareholder Quota | 4.15 | 3,29,000 | 13,64,880 | 8.33 |
| Employee Quota | 2.34 | 1,64,500 | 3,85,635 | 2.35 |
| QIB Investors | 1.16 | 69,01,950 | 80,10,680 | 48.87 |
| HNIs / NIIs | 4.46 | 34,50,975 | 1,53,91,325 | 93.89 |
| Retail Investors | 19.55 | 23,00,650 | 4,49,77,355 | 274.36 |
| Total | 5.33 | 1,31,47,075 | 7,01,29,875 | 427.79 |
Data Source: NSE / BSE (as of close of Day-1 of the IPO)
The IPO is open up to September 12, 2024, at which point we will know the final subscription status of the IPO.
Next Steps In The Dev Accelerator Ltd IPO
Post the closure of the IPO subscription on 12th September 2025, the basis of allotment will be finalized on 15th September 2025 and the refunds will be initiated on 16th September 2025. In addition, the demat credits are expected to also happen on 16th September 2025 and the stock will list on 17th September 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 16th September 2025 under ISIN (INE0VOV01021).
IPO Subscription Status On Day-2
As of 5.35 pm on 11th September 2025, out of the 131.47 lakh shares on offer in the IPO (excluding anchor portion), Dev Accelerator Ltd saw bids for 2,114.04 lakh shares. This implies an overall subscription of 16.08X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of Dev Accelerator Ltd was as under:
| Employees (6.16X) |
Shareholders (13.39X) | QIBs (2.40X) |
HNI / NII (15.36X) |
Retail (59.31X) |
The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category |
Subscription (times) |
Shares Offered |
Shares bid for |
Total Amount (₹ in Crore) |
| Anchor Investors | 1.00 | 1,03,52,925 | 1,03,52,925 | 63.15 |
| Shareholder Quota | 13.39 | 3,29,000 | 44,06,250 | 26.88 |
| Employee Quota | 6.16 | 1,64,500 | 10,13,555 | 6.18 |
| QIB Investors | 2.40 | 69,01,950 | 1,65,43,060 | 100.91 |
| HNIs / NIIs | 15.36 | 34,50,975 | 5,29,94,145 | 323.26 |
| Retail Investors | 59.31 | 23,00,650 | 13,64,47,345 | 832.33 |
| Total | 16.08 | 1,31,47,075 | 21,14,04,355 | 1,289.57 |
Data Source: NSE / BSE (as of close of Day-2 of the IPO)
The IPO is open up to September 12, 2024, at which point we will know the final subscription status of the IPO.
Next Steps In The Dev Accelerator Ltd IPO
Post the closure of the IPO subscription on 12th September 2025, the basis of allotment will be finalized on 15th September 2025 and the refunds will be initiated on 16th September 2025. In addition, the demat credits are expected to also happen on 16th September 2025 and the stock will list on 17th September 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 16th September 2025 under ISIN (INE0VOV01021).
IPO Subscription Status On Day-3
As of 7.35 pm on 12th September 2025, out of the 131.47 lakh shares on offer in the IPO (excluding anchor portion), Dev Accelerator Ltd saw bids for 8,410.19 lakh shares. This implies an overall subscription of 63.97X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the IPO of Dev Accelerator Ltd was as under:
| Employees (17.61X) |
Shareholders (46.98X) | QIBs (20.30X) |
HNI / NII (87.97X) |
Retail (164.72X) |
The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category |
Subscription (times) |
Shares Offered |
Shares bid for |
Total Amount (₹ in Crore) |
| Anchor Investors | 1.00 | 1,03,52,925 | 1,03,52,925 | 63.15 |
| Shareholder Quota | 46.98 | 3,29,000 | 1,54,55,480 | 94.28 |
| Employee Quota | 17.61 | 1,64,500 | 28,97,315 | 17.67 |
| QIB Investors | 20.30 | 69,01,950 | 14,01,34,965 | 854.82 |
| HNIs / NIIs | 87.97 | 34,50,975 | 30,35,78,875 | 1,851.83 |
| Retail Investors | 164.72 | 23,00,650 | 37,89,52,540 | 2,311.61 |
| Total | 63.97 | 1,31,47,075 | 84,10,19,175 | 5,130.22 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO was open up to September 12, 2024, which was the last subscription day for the IPO. As of the close of trading hours on Friday, the IPO has closed for subscription. The subscription update that you see above is the final subscription status of the IPO of Dev Accelerator Ltd. The final allotment status of the IPO stands closed as of 7.30 PM on the last day of the IPO.
Next Steps In The Dev Accelerator Ltd IPO
Post the closure of the IPO subscription on 12th September 2025, the basis of allotment will be finalized on 15th September 2025 and the refunds will be initiated on 16th September 2025. In addition, the demat credits are expected to also happen on 16th September 2025 and the stock will list on 17th September 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 16th September 2025 under ISIN (INE0VOV01021).