DevX Shares Hit Lower Circuit In Second Trading Session

After a muted debut on the stock exchanges yesterday, shares of coworking space provider DevX (Dev Accelerator) fell almost 5% during the intraday trading today to hit its lower circuit at INR 61.1 apiece on the BSE. 

The company’s market capitalisation stood at INR 551.5 Cr (about $62.5 Mn).

The stock closed yesterday’s session at INR 64.3, almost 5% higher from the listing price. However, it opened 2% lower at INR 63 apiece. 

The shares made their public market debut by listing at INR 61.3 on the BSE, marginally higher from its issue price of INR 61. On the NSE, the shares got listed flat at INR 61.

The company’s public issue was oversubscribed 64X, with investors placing bids 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.

DevX will utilise INR 73.1 Cr from the IPO proceeds for building fit-outs of four new centres in Surat, Pune, Ahmedabad, and its first international centre in Sydney. It will use another INR 35 Cr for repayment or pre-payments of certain borrowings, and the remainder for general corporate purposes.

Founded in 2017 by Parth Shah, Rushit Shah and Umesh Uttamchandani, DevX offers managed office spaces, coworking spaces, designing services, among others, to businesses. The company claims to be the largest provider of flex spaces in tier II cities of the country in terms of stock, and counts the likes of Zomato, WhiteOak, Tim Hortons, Hitachi, and Darwinbox among its clients. It  operates 25 centres in 10 cities in the country. 

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

DevX is the third coworking space provider in India to get listed on the bourses this year, following Smartworks and IndiQube. Awfis, another major player in the segment, made its public debut last year.