DevX IPO: IPO Price Band Set At INR 56- 61

Coworking space provider DevX (Dev Accelerator Ltd) has set a price band of INR 56 to INR 61 per share for its initial public offering (IPO) that will open for subscription on September 10 (Wednesday) and close on September 12 (Friday).

Shares of the company are expected to list on the BSE and the NSE on September 17.

At the upper end of the price band, the company would be valued at INR 550.1 Cr (about $62.3 Mn). The total size of the IPO, which comprises a fresh issue of up to 2.35 Cr shares, will be INR 143.3 Cr (about $16.2 Mn).

DevX plans to deploy INR 73.1 Cr from the IPO proceeds for fit-outs of four new centres in Surat, Pune, Ahmedabad, and its first international centre in Sydney. Besides, INR 35 Cr will be used for repayment or pre-payments of certain borrowings and the remainder for general corporate purposes.

Founded in 2017 by Parth Shah, Rushit Shah and Umesh Uttamchandani, DevX provides managed office spaces, coworking spaces, designing services, among others. It claims to be one of the largest flex space operators in terms of stock in tier II cities in the country.

As on May 31, 2025, the company had over 250 clients and 28 centres across 11 cities in India, including Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, among others. It had 14,144 seats over a total area under management of SBA (super built-up area) 8.6 Lakh sq ft.

On the financial front, the company recorded a 3X jump in its net profit to INR 1.7 Cr in FY25 from INR 43.3 Lakh in the previous fiscal year. Operating revenue zoomed 47% to INR 158.9 Cr from INR 108.1 Cr in FY24.

Post the IPO, the Ahmedabad-based company is set to become the fourth listed coworking space provider. While Awfis became the first new-age tech company in the segment to list on the bourses last year, Smartworks and IndiQube followed suit this year. Meanwhile, the largest player in the space, WeWork India, is also gearing up for its public listing.

This rush to the bourses comes on the back of strong industry tailwinds such as widespread adoption of hybrid work models and rising demand from startups, freelancers, enterprises, and global capability centres (GCCs). India’s coworking market, valued at around $2 Bn in 2025, is projected to reach a size of nearly $3 Bn by 2030, clocking a CAGR of 7%.

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