Dev Accelerator shares list flat at IPO price of Rs 61 on NSE, BSE

Dev Accelerator, a flex space operator with a growing presence in India’s office space solutions market, made a muted market debut on Wednesday. Shares of the company listed at Rs 61.30 apiece on the BSE in comparison to the IPO price of Rs 61. On the NSE, Dev Accelerator shares listed flat at Rs 61 apiece.

The Rs 143-crore IPO, priced in the Rs 56–61 range, saw healthy investor interest during the bidding process.

However, the grey market premium (GMP) remained subdued ahead of the listing, with shares trading at a modest 3% premium just ahead of the debut.


The listing broadly met grey market expectations, reflecting muted near-term sentiment compared to recent high-profile debuts.

DevX operates 28 centres across 11 cities, managing 14,144 seats with a super built-up area of over 8.6 lakh sq ft. The company offers a comprehensive suite of services, from sourcing and customising office spaces to facility management, payroll, and IT/ITeS solutions.

With 250 clients—including names like Zomato, Wipfli India, and QX Global Services—DAL has carved out a niche, especially in tier-II markets like Ahmedabad, Indore, Jaipur, and Vadodara, where it commands high occupancy rates of nearly 88%.

Also Read: Euro Pratik Sales IPO GMP at zero despite Ashish Kacholia Investment. Should you bid?

Financially, the company has shown strong revenue momentum. Its topline rose from Rs 69.9 crore in FY23 to Rs 158.9 crore in FY25, registering a CAGR of over 50%.

EBITDA margins remain healthy at above 50%, though bottom-line profitability is modest, with PAT at just Rs 1.8 crore in FY25.

High lease liabilities and interest costs continue to weigh on net earnings. Post issue, the company's debt-to-equity ratio will ease from 2.4x to about 1x, aided by IPO proceeds earmarked for debt repayment and fit-outs at proposed centres.

At the upper end of the price band, Dev Accelerator is valued at a Price-to-Sales multiple of 3.5x and EV/EBITDA of 6.6x, broadly in line with peers like Awfis and Smartworks. However, the PE ratio at over 300x reflects the low profit base, leaving little margin for error, analysts said.

Brokerages also flagged risks such as high client concentration—over 50% of revenues come from the top 20 clients—and geographic dependence, with more than 42% of centres in Gujarat.

Meanwhile, industry tailwinds remain supportive. India’s flex workspace market is projected to expand from 74 million sq ft in 2024 to 135 million sq ft. by 2028, as corporates prioritise flexibility, cost-efficiency, and talent retention.

DAL’s expansion plans -- adding eight new centres totalling 9.4 lakh sq ft. in the next two years -- align with this broader growth trend.

SBI Securities said it prefers to monitor execution and profitability improvements before turning more positive. While the IPO saw adequate traction of 64x subscription, the company offers an interesting long-term play on India’s evolving office space market, but carries execution and leverage risks.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)