Dev Accelerator IPO Opens September 10: Price, GMP, Key Details Investors Must Know

Flexible workspace provider Dev Accelerator (DevX) is set to test the waters of the Indian capital market with its initial public offering (IPO), opening for subscription on Wednesday, September 10. The issue, one of the most closely watched listings this month, will close on Friday, September 12.

IPO Structure and Price Band

The company plans to raise Rs 143.35 crore through a fresh issue of 2.35 crore equity shares. The price band has been fixed at Rs 56–Rs 61 per share, with a minimum lot size of 235 shares (Rs 14,335 at the upper band). Investor allocation will follow the standard split — 75% reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for retail applicants. Pantomath Capital Advisors is the book-running lead manager, while Kfin Technologies will act as registrar.

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Grey Market Premium

As of 4:56 PM on September 9, 2025, Dev Accelerator’s IPO was commanding a grey market premium (GMP) of Rs 10, as per a leading market tracking website. Based on the upper price band of Rs 61, the stock is expected to list around Rs 71, indicating a potential gain of nearly 16.4% per share, as per the same market tracking website. 

Business Snapshot

Dev Accelerator, better known by its brand DevX, has emerged as one of the fastest-growing players in India’s flexible workspace segment. As of May 2025, it operates 28 centres across 11 cities, including Delhi-NCR, Hyderabad, Mumbai, Pune, Ahmedabad, Indore, and Jaipur. Its managed office portfolio covers 860,000 sq. ft., with seating for more than 14,000 professionals. The company has shown solid growth momentum. In FY25, it reported revenues of Rs 158.9 crore, up 47% from the previous year’s Rs 108 crore.

Use of Funds

The proceeds from the issue will be deployed across multiple areas. Around Rs 73.1 crore is earmarked for setting up and furnishing new centres, while about Rs 35 crore will be directed towards debt repayment, including redemption of debentures. The remaining funds will go toward general corporate purposes.

IPO Timeline

The IPO opens for subscription on September 10, 2025 and will close on September 12, 2025. The basis of allotment is expected to be finalised by September 15, followed by refunds and credit of shares to demat accounts on September 16. The stock is likely to make its market debut on both the NSE and BSE on September 17, 2025.

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