DevX IPO To Open On September 10

Coworking space provider DevX has filed its red herring prospectus (RHP) after receiving the approval for an initial public offering (IPO).

The Ahmedabad-based company’s public issue will open on September 10 (Wednesday) and subsequently close on Friday. Post this, its shares will list both on the NSE and BSE, making DevX the fourth publicly listed coworking space provider in India in recent months after the likes of Awfis, IndiQube and Smartworks.

The company’s IPO solely consists of a fresh issue of shares of 2.35 Cr. This is a reduction of 40 Lakh equity shares from thefresh issue proposed in the DRHP.

From the capital raised via the IPO, DevX plans on utilising INR 73.1 Cr for fit-outs of new centres and INR 35 Cr for repayment or pre-payment of certain borrowings taken by the company.

The company intends to open four new centres over the next two fiscal years. While three are proposed to be set up in Surat, Pune and Ahmedabad, DevX is looking to set up its first international centre in Australian metropolis Sydney.

Founded by Parth Shah, Rushit Shah and Umesh Uttamchandani in 2017, DevX provides workspace solutions to large businesses across 11 Indian cities including Mumbai, Pune, Noida and Rajkot. Besides managed office spaces, DevX also offers individual coworking spaces, office designing solutions, facility management services, among others.

For the full fiscal year FY25, DevX’s net profit stood at INR 1.7 Cr, a 3X jump from INR 43.3 Lakh PAT reported in the previous fiscal year. The company’s operating revenue jumped 47% to INR 158.9 Cr from INR 108.1 Cr in FY24.

The company claims to have 250 clients including Zomato, Tim Hortons, Deakin University, among others. Its top 10 customers contributed 39% or INR 61.3 Cr to the company’s top line in FY25.

In India’s booming coworking solutions space, DevX is the smallest player when compared with its three listed peers — Awfis, Smartworks and IndiQube. The operating revenue of all three players towered over INR 1,000 Cr in FY25, with Smartworks topline surging over INR 1,300 Cr. However, only Awfis was profitable in the fiscal year.

Meanwhile, the largest player in the space, WeWork India, is also in the process of going public at the moment. WeWork India’s IPO, which is only an offer for sale from existing investors, was approved in July. Thecoworking giant turned profitable in FY25, reporting a PAT of INR 128.2 Cr against a loss of INR 135.7 Cr in FY24 while its topline jumped 17% YoY INR 1,949.2 Cr.

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