Dev Accelerator Limited, commonly known as DevX, is a leading provider of flexible workspace solutions in India. The company has established a strong presence in both Tier 1 and Tier 2 cities, and is recognized as one of the largest flex space operators in Tier 2 markets. DevX offers a comprehensive suite of services, including sourcing, designing, and managing office spaces, allowing clients to focus on their core business operations.

As of May 31, 2025, DevX serves over 250 clients across 28 centers in 11 Indian cities, with a total area under management of over 860,000 square feet. The company caters to a diverse clientele of large corporates, MNCs, and SMEs, providing a range of flexible solutions such as managed office spaces and coworking environments. Managed offices, which account for a significant portion of the company’s revenue, offer long-term, customized solutions with stable revenue streams. DevX’s services extend beyond just physical spaces to include payroll management, facility management, and IT/ITes services, provided through its subsidiaries. The company is poised for further growth, with plans to expand its domestic and international footprint, including its first international center in Sydney, Australia.

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• Leading Market Position: The Company is a leading managed space operator in Tier 2 markets, with an impressive average occupancy rate of 88% across its centers, positioning it favorably to capture future industry growth.
• Extensive Pan-India Presence: With operations in 11 cities, including key Tier 1 and Tier 2 markets, the company has a widespread presence that demonstrates its understanding of diverse customer needs and supports its growth.
• Customer-Centric Business Model: The Company’s model offers fully customizable office spaces with zero upfront capital costs for clients, fostering long-term relationships and allowing businesses to focus on their core operations.
• Strong Financial and Operational Growth: The Company has demonstrated rapid growth in its financial and operational metrics, with a significant increase in revenue and the number of centers, seats, and area under management.

The Company DEV ACCELERATOR IPO proposes to utilize the Net Proceeds from the Issue towards the following objects:

• Capital expenditure for fit-outs in the new Centers and for security deposits of the new Centers (₹ 73.12 Cr.)
• Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company including redemption of NCDs (₹ 35 Cr.)
• General corporate purposes

At the upper band of IPO ₹ 61, the stock is valued at a high P/E multiple of 315.45. Hence, well-informed investors subscribe for medium to long term perspective.