What is Dev Accelerator IPO GMP Today?
For investors in India, the most urgent question about any upcoming offering is its Grey Market Premium (GMP). The Dev Accelerator IPO GMP is a key indicator of potential listing gains, and tracking it helps investors decide if this book build issue is worth their money. This IPO is a fresh issue of 2.35 crore shares, valued at ₹143.35 crores. The GMP for Dev Accelerator has been fluctuating, with recent reports showing it around ₹9 to ₹10 per share. Based on the upper end of the price band at ₹61, this indicates a potential listing gain of approximately 14.75% to 16.39%. While this signals a healthy listing trend, it is a speculative indicator and not an official figure.
A Deep Dive into Dev Accelerator's Business Model
Dev Accelerator, also known as DevX, is more than just a coworking space provider. It's an integrated workspace solutions company that has strategically positioned itself as a leader in India's rapidly growing flexible workspace sector. The company's business model is built on providing a comprehensive suite of services that cater to the evolving needs of modern businesses, from large corporations to startups and SMEs.
Their core offerings include:
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Managed Office Spaces: These are custom-built office setups for larger clients, providing a hassle-free, "zero capex" model.
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Coworking Spaces: This caters to individuals and small teams, offering flexible seating arrangements and collaborative environments.
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Design and Execution Services: Through its subsidiary, Needle and Thread Designs LLP, Dev Accelerator provides end-to-end design and build services, both for its own centers and for client offices.
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Ancillary Services: The company also offers a range of support services, including payroll management, facility management, and IT/ITeS services.
This integrated platform model allows Dev Accelerator to create multiple revenue streams and build long-term relationships with its clients. The company operates 28 centers across 11 cities, managing over 860,000 square feet of space and serving more than 250 clients.
Financial Performance: A Look at the Numbers
A key factor in evaluating any IPO is the company's financial health. Dev Accelerator has shown a significant financial turnaround, with a positive profit after tax (PAT) since FY24. Here is a snapshot of its recent financial performance:
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Total Revenue: ₹158.88 Cr (FY25), ₹108.09 Cr (FY24), ₹69.91 Cr (FY23)
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Profit After Tax (PAT): ₹1.77 Cr (FY25), ₹0.44 Cr (FY24), -₹12.83 Cr (FY23)
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EBITDA: ₹80.46 Cr (FY25), ₹64.74 Cr (FY24), ₹29.87 Cr (FY23)
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Total Assets: ₹540.38 Cr (FY25), ₹411.09 Cr (FY24), ₹282.42 Cr (FY23)
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Total Borrowings: ₹130.67 Cr (FY25), ₹101.05 Cr (FY24), ₹33.20 Cr (FY23)
As you can see, the company's revenue has grown at a remarkable pace, with a 47% increase in FY25. The shift from a loss-making enterprise in FY23 to a profitable one in FY24 and FY25 is a strong indicator of its improving business model.
Competitive Landscape: How Dev Accelerator Stacks Up
Dev Accelerator operates in a highly competitive and fragmented market. While it holds a strong position in Tier-2 markets, it faces competition from both large national players and regional operators. Its publicly traded competitors include:
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Awfis Space Solutions: A major player with a large operational base. While Dev Accelerator's Return on Net Worth (RoNW) is 3.24%, Awfis's is significantly higher at 14.78%, indicating better capital efficiency.
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Smartworks Coworking Spaces: Another large competitor.
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Indiqube Spaces: Also a key player in the space.
This focus on smaller metros, combined with its integrated service model, gives Dev Accelerator a unique competitive advantage.
Key Risks and Investment Considerations
While the numbers look promising, it is important to be aware of the risks involved. The flexible workspace industry is capital-intensive and sensitive to economic cycles. The issue is considered aggressively priced by some analysts, which leaves little room for error. Additionally, while the company has a diversified client base, its reliance on a few top clients is a potential risk.
However, the fact that the IPO is a fresh issue is a positive sign, as all the funds will be used for the company's growth and to reduce its debt burden. The strong top-line growth and the clear plan for expansion, including a new center in Australia, make it an interesting proposition.
What is the Dev Accelerator IPO Date?
The Dev Accelerator IPO opens for subscription on September 10, 2025, and closes on September 12, 2025. The allotment is expected on September 15, 2025, and the shares are scheduled to list on BSE and NSE on September 17, 2025.
What are the Upcoming IPOs to Watch?
Beyond the Dev Accelerator IPO, several other issues are attracting attention. Here’s a quick look at some of them.
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Shringar House of Mangalsutra IPO: This jewellery company is bringing its traditional business to the market. You can learn more about its financials and market position by exploring the Finowings detailed analysis.
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Nilachal Carbo Metalicks IPO: A company in the metals sector, this IPO is worth watching for insights into industrial trends. Get a complete overview of the Nilachal Carbo Metalicks IPO here.
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Krupalu Metals IPO: This offering from the metals space presents a unique investment opportunity. Explore the full analysis of the Krupalu Metals IPO on Finowings.
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Taurian MPS IPO: This IPO from a niche manufacturing sector is drawing attention from specialized investors. Learn more about the Taurian MPS IPO and its potential.
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Jay Ambe Supermarkets IPO: A retail-focused offering that allows investors a chance to invest in a growing consumer business. For a complete guide, check out the Jay Ambe Supermarkets IPO analysis on Finowings.
Dev Accelerator IPO: Should I Apply?
The Dev Accelerator IPO GMP is a critical tool for gauging market sentiment. By tracking it and considering key details like the IPO’s price band (₹56.00 to ₹61.00 per share) and lot sizes (from ₹14,335 for retail to over ₹10 lakh for big institutional investors), you can make a well-informed decision.
For those considering a large application, the lot size for sNII is 14 lots (₹2,00,690) and for bNII it is 70 lots (₹10,03,450). These details, combined with the market sentiment reflected in the GMP, will help you make a final decision. For more in-depth analysis on these IPOs, explore the Finowings links above. For those in regions like Lucknow looking to invest, check these essential guides before you apply.
