Ahmedabad-based coworking provider DevX will launch its Initial Public Offering (IPO) on September 10, closing on Friday of the same week. The company will become the fourth publicly listed coworking space provider in India, listing shares on both the NSE and BSE, following peers like Awfis, IndiQube, and Smartworks.
Details of the Offering
DevX’s IPO consists of a fresh issue of 2.35 crore equity shares, aggregating up to ₹143.35 crore, with no offer-for-sale component, ensuring promoters retain their original ownership stakes. The price band for the shares is set between ₹56 and ₹61 each, with a face value of ₹2 per share. Retail investors will need to subscribe for a minimum lot size of 235 shares, amounting to approximately ₹14,335, while high-net-worth individuals can bid for larger portions as per regulatory quotas. Pantomath Capital Advisors serves as the lead manager and Kfin Technologies is the registrar for the IPO process.
The funds raised will be used mainly for expanding DevX’s footprint via capital expenditure on new centers, covering fit-out and security deposit costs, and repaying certain borrowings, including non-convertible debentures. Part of the capital is also earmarked for general corporate purposes, supporting the broader operational growth and agility of the business.
Financial Snapshot & Growth
DevX has demonstrated healthy financial growth in recent years, reporting a net profit of INR 1.8 crore for FY25—a significant leap from earlier years—on revenue of INR 159 crore. The company operates 28 managed centers across 11 major Indian cities, overseeing more than 860,000 square feet of flexible office space and serving over 250 corporate clients. In addition to consolidating its domestic leadership, DevX is actively scaling up, with expansion plans including a new center in Surat and an international foray into Sydney, Australia.
FlexInsights Take
DevX’s public issue reflects the robust momentum in India’s flexible workspace segment, as more startups and SMEs demand scalable alternatives to traditional office leasing. The rapid listings of coworking firms signal maturing investor appetite and highlight flexible offices as a central pillar in India’s new commercial real estate landscape.
