Ahmedabad-based coworking firm DevX (Dev Accelerator Ltd.) is set to hit the capital markets with its IPO next week after securing regulatory approval. The issue will open on September 10 and close on September 12, with shares slated for listing on both the NSE and BSE.
The company will issue 2.35 crore fresh shares, lower than the 2.75 crore proposed earlier, aiming to raise funds for new centre fit-outs (?73.1 crore) and debt repayment (?35 crore).
DevX, which operates 11 centres across India, plans to add four more within two years, including in Surat, Pune, and Ahmedabad. Significantly, it will also make its international debut in Sydney, Australia, marking its first overseas expansion.
“Our goal has always been to build India’s largest managed workspace network. With this IPO, we’re not only scaling in India but also stepping onto the global stage,” said Umesh Uttamchandani, Co-founder.
Founded in 2017, the company offers enterprise-managed workspaces, coworking desks, design solutions, and facility management. It reported a sharp earnings jump in FY25, with net profit at ?1.7 crore, up from ?43.3 lakh in FY24, while revenue grew 47% to ?158.9 crore.
DevX serves 250 clients, including Zomato, Tim Hortons, and Deakin University. Its top 10 clients accounted for 39% of FY25 revenue.
Analysts say the IPO reflects the resilience of India’s coworking industry and growing enterprise demand. With its Sydney entry, DevX is looking beyond the domestic market to secure a spot in the global flexible workspace arena.
