By Avishek Banerjee
Copyright republicworld
Flexible workspace operator Dev Accelerator (DevX) has launched its initial public offering (IPO), opening for public subscription on September 10 and closing on September 12. The listing is one of the most anticipated this month, highlighting the company’s rapid growth in India’s co-working sector.The company aims to raise Rs 143.35 crore through a fresh issue of 2.35 crore equity shares, priced between Rs 56 and Rs 61 per share. Investors can apply for a minimum of 235 shares, amounting to Rs 14,335 at the upper band. The IPO allocation follows the standard split, with 75% reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for retail investors. Pantomath Capital Advisors is the book-running lead manager, while Kfin Technologies serves as the registrar.Market indicators show that DevX shares are commanding a Grey Market Premium (GMP) of Rs 9 as of September 10. Based on the upper price band of Rs 61, the stock is expected to list around Rs 70 per share, suggesting a potential 14.75% gain for investors on debut.The proceeds from the IPO will be utilised across multiple areas. Approximately Rs 73.1 crore will be directed towards setting up and furnishing new centres, while about Rs 35 crore is earmarked for debt repayment, including the redemption of debentures. The remaining funds will support general corporate purposes, enabling DevX to strengthen operations and expand its footprint in the growing flexible workspace sector.Also Read: Dev Accelerator IPO Opens September 10: Price, GMP, Key Details Investors Must Know | Republic WorldThe IPO opened for subscription on September 10 and will close on September 12. The basis of allotment is expected to be finalised by September 15, with 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.Founded as a flexible workspace provider, DevX has quickly grown into one of India’s leading managed office operators. As of May 2025, it operates 28 centres across 11 cities, including Delhi-NCR, Mumbai, Pune, Hyderabad, Ahmedabad, Indore, and Jaipur. Its managed office portfolio spans 860,000 sq. ft., providing seating for more than 14,000 professionals. The company has maintained strong financial momentum, with FY25 revenues reaching Rs 158.9 crore, a 47% increase over Rs 108 crore in FY24.Disclaimer: The views expressed in this article are purely informational, and Republic Media Network does not vouch for, promote or endorse any opinions stated by any third party. Stock market and Mutual Fund investments are subject to market risks, and readers are advised to seek expert advice before investing in stocks, derivatives and Mutual Funds.
