DevX Shares Make Muted Debut On Bourses

Coworking space provider DevX’s (Dev Accelerator) shares made a muted debut on the stock exchanges today. The stock listed at INR 61.30 on the BSE, marginally above its issue price of INR 61.

On the NSE, the shares got listed flat at INR 61.

At 10:10, the stock was trading 5.5% above the issue price at INR 64.35 on the BSE. The company’s market capitalisation stood at INR 580.4 Cr (about $66.1 Mn).

DevX’s public issue closed with an oversubscription of about 64X, with investors bidding for 84.1 Cr shares as against 1.32 Cr shares on offer. The IPO comprised solely a fresh issue of 2.35 Cr shares.

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.

Currently, DevX operates over 25 centres in more than 10 Indian cities like Ahmedabad, Vadodara, Bengaluru, Delhi, Kochi, Surat, among others. It counts the likes of Zomato, WhiteOak, Tim Hortons, Hitachi, Darwinbox, among its clients.

The coworking space company 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.

On the financial front, DevX’s net profit rose 286% to INR 1.7 Cr in FY25 from INR 44 Lakh in the previous fiscal year. Operating revenue grew 47% to INR 158.8 Cr during the year under review from INR 108 Cr in FY24.

With the listing, DevX has joined coworking space providers Awfis, Smartworks and IndiQube on the bourses.

Meanwhile, another new-age tech company, Urban Company, made a blockbuster listing today. Its shares made their public market debut at a premium of 56% to the issue price.

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