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.
IPO schedule
Issue open date
2025-09-10
Issue close date
2025-09-12
UPI mandate deadline
2025-09-12 (5 PM)
Allotment finalization
2025-09-15
Refund initiation
2025-09-16
Share credit
2025-09-16
Listing date
2025-09-17
Mandate end date
2025-09-29
Lock-in end date for anchor investors (50%)
2025-10-15
Lock-in end date for anchor investors (remaining)
2025-12-14
Financials
Financial Year Ended
March 2023
March 2024
March 2025
Total Assets
282.42
411.08
540.38
Revenue
71.36
110.73
178.89
Profit After Tax
-12.83
0.43
1.77
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.