Dev Accelerator IPO GMP

September 17, 2025 Written By Mihir Gohel, Reviewed and Fact Checked by Harpal Parmar

Dev Accelerator IPO introduces a company specializing in flexible workspace solutions, primarily targeting Tier 1 and Tier 2 cities across India. Established in 2017, the company operates under the brand DevX and manages over 12,000 seats across 25 centers in 15 cities, including major hubs like Mumbai, Delhi NCR, and Hyderabad. Dev Accelerator IPO opens on September 10, 2025, and closes on September 12, 2025, with an issue size of approximately ₹143.35 crore.

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Latest IPO GMP

Last updated on 16 Sep 2025 11.40

₹61

IPO Offer Price

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₹61.00

Listing Price

Listing Date 17/09/2025

Expert Opinions

Market sentiment for Dev Accelerator IPO is cautiously optimistic, recognizing the company’s growing footprint in India’s flexible workspace sector amid rising demand for managed office solutions. Company strengths include a robust network of 25 centers across 11 cities, nearly 13,000 seats, and a diversified clientele of SMEs and multinationals. Risks involve intense competition, dependency on commercial real estate market conditions, and potential execution challenges in expansion plans.

Valuation analysis for the financial year 2025 in the Dev Accelerator IPO shows a Return on Net Worth (RoNW) of 3.24%, a robust Return on Capital Employed (ROCE) of 25.95%, and a Net Asset Value (NAV) of ₹7.68 per share, signifying efficient capital use despite modest profitability. From a long-term perspective, the IPO offers potential to benefit from the growing workspace-as-a-service trend, though investors should approach with a long-term horizon given sector volatility and growth phase challenges.

Investor Considerations

Dev Accelerator IPO has demonstrated steady company performance with revenue growth from ₹71.37 crore in FY 2023 to ₹178.89 crore in FY 2025, moving into profitability with a PAT margin of 1.00%. The sector outlook for flexible workspace solutions in India is positive, driven by increasing demand from startups and SMEs in Tier 1 and Tier 2 cities. The Dev Accelerator IPO valuation for FY 2025 reflects a Price to Book Value of 7.94, a PAT Margin of 1.00%, and a Debt to Equity ratio of 2.39, suggesting moderate profitability and relatively high leverage.

Growth prospects are promising with plans to expand centers using IPO proceeds. However, risks include high competition, dependency on the commercial real estate market, and execution risks. Investors should consider a long-term horizon to benefit from sector growth, while short-term investors should be cautious of market volatility.