Ahmedabad, India, September 09, 2025 — Workspace solutions provider DevX (Dev Accelerator Ltd) has raised INR 63.2 Cr from anchor investors ahead of its initial public offering (IPO). The company allotted over 1 Cr equity shares at INR 61 per share to eleven anchor investors, setting the stage for its public listing scheduled to open on September 10, 2025.
DevX IPO
Founded in 2017 by Parth Shah, Rushit Shah, and Umesh Uttamchandani, DevX has positioned itself as an integrated workspace solutions provider, going beyond traditional coworking to offer managed office spaces, payroll services, and allied solutions.
The company operates 28 centres across 11 Indian cities, including Mumbai, Delhi NCR, Pune, Hyderabad, and Ahmedabad, covering a super built-up area of 8.6 Lakh sq. ft with more than 14,000 seats. Its client portfolio exceeds 250 companies, ranging from startups and freelancers to large enterprises and global capability centres (GCCs).
DevX reported a strong financial performance in FY25, with net profit surging 3.9X to INR 1.7 Cr compared to INR 43.3 Lakh in FY24. Operating revenue rose 47% year-on-year to INR 158.9 Cr, primarily driven by growing demand for coworking and managed office spaces.
DevX IPO Anchor Round Update
The anchor investment round brought in notable institutional investors:
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The IPO will comprise a fresh issue of 2.35 Cr shares, reduced by 40 Lakh equity shares from the original draft red herring prospectus (DRHP). With a price band of INR 56–61, DevX is targeting to raise INR 143.3 Cr at the upper limit, valuing the company at INR 550.1 Cr.
Market Impact of DevX IPO
DevX’s listing will make it the fourth coworking space operator on Indian stock exchanges, following Awfis, Smartworks, and IndiQube. However, it remains the smallest player by revenue, with rivals like Smartworks and IndiQube surpassing INR 1,000 Cr in FY25 turnover.
Awfis continues to be the only consistently profitable coworking operator, while WeWork India, the market leader, has also filed for an IPO after turning profitable in FY25 with PAT of INR 128.2 Cr on INR 1,949.2 Cr revenue.
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The coworking industry in India has been on a growth trajectory, fueled by post-pandemic hybrid work adoption, demand for flexible office solutions, and the expansion of global capability centres in tier-1 and tier-2 cities.
Expert Insights on DevX Funding Ahead of IPO
Market analysts view DevX’s anchor round subscription as a positive signal for IPO demand. According to investment experts, the participation of institutional funds demonstrates confidence in DevX’s profitability trajectory and differentiated positioning.
Industry observers also note that DevX’s strategy of combining coworking with managed office solutions and corporate services gives it an edge in capturing mid-market enterprises, a segment often underserved by larger operators focused on scale.
DevX and the Coworking Sector
Post-listing, DevX aims to expand its footprint further into emerging Indian metros and global hubs, aligning with the rising demand for flexible workspace solutions among SMEs and corporates.
The IPO proceeds will be directed toward expansion of centres, technological upgrades, and working capital requirements. The company’s ability to scale while maintaining profitability will be closely watched by investors, especially as it competes against larger, aggressively expanding peers.
The coworking industry’s growth momentum, coupled with the shift toward asset-light office models, suggests that DevX’s IPO could play a role in shaping investor sentiment for upcoming listings in the workspace solutions sector.
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