DevX IPO
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DevX IPO details
Schedule of DevX
| Issue open date | 10 Sep 2025 |
| Issue close date | 12 Sep 2025 |
| UPI mandate deadline | 12 Sep 2025 (5 PM) |
| Allotment finalization | 15 Sep 2025 |
| Refund initiation | 16 Sep 2025 |
| Share credit | 16 Sep 2025 |
| Listing date | 17 Sep 2025 |
| Mandate end date | 27 Sep 2025 |
| Lock-in end date for anchor investors (50%) | 15 Oct 2025 |
| Lock-in end date for anchor investors (remaining) | 14 Dec 2025 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About DevX
DevX provides comprehensive office space solutions, including sourcing, customising, and developing spaces, alongside technology solutions and complete asset management. The company ensures efficient office operations by managing property upkeep, such as cleaning, HVAC maintenance, and other essential services. DevX serves over 230 clients with 25 centres across 11 cities in India, offering flexible office space solutions like managed and coworking spaces, as well as design and execution services through its subsidiary, Neddle and Thread Designs LLP.
Financials of DevX
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹143.35 crores |
| Fresh Issue | ₹143.35 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Capital expenditure | 73.1 (50.99%) |
| Repayment/prepayment of borrowings | 35 (24.41%) |
| General corporate purposes | 35.26 (24.6%) |
Strengths
- Expansion into new and existing markets.
- Customer-centric business model with an integrated platform approach for long-term customer relationships.
- Strong financial and operating metrics.
- Experienced promoters and management team with deep industry expertise.
Risks
- Lack of ownership at centres may lead to shutdowns and relocation costs.
- Reliance on third-party vendors for services like housekeeping and security may affect operations and image.
- Risks associated with developing, constructing, and maintaining spaces.
Allotment Status for DevX
To check your allotment status – click here.
Subscription Figures for DevX
As per media reports (Link), the Grey Market Premium (GMP) of DevX is reported at ₹9 over the IPO price. This metric is not reliable, and to track IPO interest, it is better to check subscription numbers published by exchanges, which are considered more reliable indicators.
Subscription numbers as of 5:00 PM on September 12, 2025:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 69.10 | 1401.34 | 20.30x |
| NII | 34.50 | 3035.69 | 87.97x |
| Retail | 23.00 | 3793.52 | 164.89x |
| Employees | 1.64 | 28.94 | 17.60x |
| Shareholders | 3.29 | 154.51 | 46.97x |
| Total | 131.47 | 8414.01 | 64.00x |