Dev Accelerator IPO Subscription Status

The Dev Accelerator IPO witnessed a strong response on the very first day, being subscribed over 5.34 times by 5:00 PM on 10 September 2025.

• Qualified Institutional Buyers (QIB): 1.16x
• Non-Institutional Investors (NII): 4.46x
• Retail Individual Investors (RII): 19.60x

The issue received 7,02,42,205 bids against a total of 1,31,47,075 shares on offer—a remarkable start that reflects exceptional retail enthusiasm and healthy participation from institutional investors.
Such an oversubscription on Day 1 highlights the market’s confidence in the company’s flexible workspace business model and growth prospects.

• Day 1 Subscription: 5.34x overall, with retail interest far exceeding expectations.

About Dev Accelerator Limited

Incorporated in 2017, Dev Accelerator Limited is one of India’s leading flexible workspace solution providers, with a focus on Tier 2 cities, while also maintaining a presence in key Tier 1 markets.

Key Business Highlights:

• Tier 1 Cities: Delhi NCR, Hyderabad, Mumbai, Pune.
• Tier 2 Cities: Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, and Vadodara.

The company specializes in fully managed and custom-built office spaces for startups, SMEs, and large enterprises.
Its end-to-end solutions cover:

• Finding and leasing appropriate office spaces.
• Customizing interior designs and layouts.
• Managing construction and fit-outs.
• Providing technology solutions, including networking, security, and automation.

Expansion & Clientele:

• Currently operates 25 centers across 11 cities, managing 12,691 seats spread over 806,635 sq. ft. as of August 31, 2024.
• Serves a diversified client base of over 230 companies, including tech startups, financial services, and large corporates.
• Strategic focus on Tier 2 cities allows it to tap into emerging business hubs with rising demand for co-working and managed office spaces.

Competitive Strengths:

• Rapid Scalability: Ability to set up and customize office spaces quickly.
• Tech-Enabled Operations: Incorporates smart infrastructure and automation.
• Long-Term Contracts: Ensures recurring revenue streams and stable cash flows.
• High Occupancy Rates: Consistently maintains strong seat utilization across centers.

Financial Performance

Dev Accelerator has demonstrated impressive revenue growth and a strong operational trajectory:

• Revenue: ₹178.89 crores in FY 2025, up from ₹110.72 crores in FY 2024 (~61% growth).
• Net Profit: ₹1.77 crores in FY 2025 compared to ₹0.44 crores in FY 2024 (~302% growth in profit).
• EBITDA Margins: Improved year-on-year, reflecting enhanced cost management and efficient center utilization.
• Occupancy & Seat Growth: Seat count has steadily increased due to rising demand in Tier 2 markets.

This consistent growth underscores the company’s ability to scale operations effectively while moving toward stronger profitability.

Dev Accelerator IPO Grey Market Premium (GMP)

As of Wednesday, 10 September 2025, the GMP stands at ₹11, indicating that the IPO shares are trading at approximately ₹72 in the grey market, which is a ₹11 premium over the issue price of ₹61.
This premium suggests positive market sentiment and the potential for listing gains on debut.