Dev Accelerator IPO: Investors Rush In as Tech Sector Heats Up

Tech investors are scrambling for position as Dev Accelerator goes public—another sign that innovation still beats traditional markets.

The Funding Frenzy

Money's pouring in faster than VCs can count it. Private rounds? Oversubscribed. Public offering? Wildly hyped. Everyone wants a piece of the next big disruptor—even if half these investors couldn’t code their way out of a paper bag.

Why It Matters

IPOs like this don’t just make headlines—they shift markets. Bullish sentiment’s driving valuations into the stratosphere, leaving old-school finance types scratching their heads. Meanwhile, Dev Accelerator’s tech stack is legit—scalable, agile, and built for the next decade of digital transformation.

Bottom line: When tech IPOs pop, everybody wins—except maybe the shorts. And let’s be real: if you’re not in, you’re already behind.

Bidding details

Up to 75 per cent of the net issue is reserved for qualified institutional buyers, 15 per cent for non-institutional investors, and the balance 10 per cent for retail investors. It also has a reservation portion for employees (1,64,500 shares) and shareholders (3,29,000 shares for Dev Information Technology investors).

Retail Investors bid aggressively with the portion reserved for them garnering 19.53 times subscription. The quota for non-institutional investors was subscribed 4.46 times and qualified institutional buyers 1.16 times subscription. The quota for employee and shareholders was subscribed 2.34 times and 4.15 times respectively.

Anchor investors

Dev Accelerator Ltd on Tuesday said it has raised ₹63 crore from anchor investors such as Finaven͏ue͏ Capita͏l ͏Trust ͏– Fi͏navenue Gr͏owth Fund, Sunrise Inves͏tm͏ent Oppor͏tuniti͏es Fund, V͏PK Global Ventures Fund, Uni͏ve͏rsal S͏ompo General Insurance, Chattisgarh Investments Ltd, Abans Finance Private Ltd, besides some domestic AIFs, and FPIs.

About the company

Dev Accelerator, promoted by Dev Information Technology Ltd, provides workspace solutions ranging from individual desks to fully customised office set-ups. Its offerings include sourcing office spaces, tailoring designs, developing work environments, and delivering technology solutions, ensuring end-to-end asset management. It has established a presence in both Tier-1 and Tier-2 markets, including Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, Rajkot and Vadodara.

Their primary focus is serving large corporates with managed office solutions, featuring average lease tenures of 5–9 years and lock-in periods of 3.5–5 years. These long-term leases provide stable revenue, strengthen client relationships, and improve operational efficiency.

Utility of funds

The company plans to utilise the issue proceeds for “fit-outs” in the new centres and their security deposits, payment of debt, and general corporate purposes, including strategic initiatives, strengthening marketing capabilities, brand building exercises and payment of lease liabilities. This capital infusion will enable DevX to expand its footprint in major cities, including Mumbai, Gurugram, Noida, Pune, Chennai, GIFT City, Ahmedabad, Vadodara, Rajkot, Surat, Goa, and Jaipur.

Brokerages’ view

Anand Rathi: At the upper end of the price band, the company is valued at 305x FY25 P/E and 3.5x P/S, with a post-issue market capitalisation of ₹550.10 crore. It has broadened its offerings to include HR, IT, and software services through Saasjoy to strengthen client retention and address evolving workplace and technology needs. Additionally, via its associate Scaleax Advisory Private Ltd, it helps GCCs build global teams in India by providing facility and payroll management, as well as recruitment solutions like talent sourcing, AI-based screening, and team augmentation. Considering these factors, the IPO is viewed as fully priced, warranting a “SUBSCRIBE – LONG TERM” recommendation.

Reliance Securities: DevX has carved a niche as a Tier-2 market leader in managed workspaces with strong occupancies and enterprise-focused solutions. Its multi-model approach balances growth and capital efficiency, while revenue and ROCE have improved sharply. Expansion into Tier-1 and an upcoming overseas foray add long-term potential. Owing to such developments, we recommend to Subscribe.

Published on September 11, 2025