SUMMARY

This comes after the inventory hit decrease circuit in 4 out of 5 classes put up itemizing and ended over 16% beneath its itemizing worth yesterday

DevX’s consolidated web revenue jumped 286% YoY to INR 1.7 Cr in FY25 and its working income surged 47% YoY to INR 158.8 Cr in the course of the 12 months below evaluation

The coworking house supplier noticed a muted listed itemizing, making its debut at INR 61.30 as in opposition to the problem worth of INR 61

After hitting decrease circuit in 4 out of the 5 classes put up its itemizing session and ending over 16% beneath its itemizing worth yesterday, shares of coworking house supplier DevX soared 4.8% to INR 56.50 in the course of the intraday buying and selling right this moment. 

Nonetheless, the shares pared a few of the features and have been buying and selling 3.9% above the earlier shut at INR 55.9 at 10:42. The corporate’s market capitalisation stood at INR 504.96 Cr (round $57 Mn) and 9.3 Lakh shares traded fingers by then. 

The coworking house supplier noticed a muted listed itemizing, making its debut at INR 61.30 as in opposition to the situation worth of INR 61. In its debut session on September 17, the inventory rose to a excessive of INR 64.3. Nonetheless, it got here below strain from the second session onwards.

The corporate’s IPO comprised a contemporary situation of two.35 Cr shares and was oversubscribed 64X. 

DevX plans to deploy INR 73.1 Cr from the IPO proceeds for fit-outs of 4 new centres in Surat, Pune, Ahmedabad, and Sydney, whereas INR 35 Cr will probably be used for debt compensation, and the remaining for normal company functions. 

Based in 2017 by Parth Shah, Rushit Shah and Umesh Uttamchandani, DevX offers managed workplace areas, coworking areas, designing providers, amongst others. It claims to be one of many largest flex house operators when it comes to inventory in tier II cities within the nation. 

As on Could 31, 2025, the corporate had over 250 purchasers and 28 centres throughout 11 cities in India, together with Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, amongst others. It had 14,144 seats over a complete space below administration of SBA (tremendous built-up space) 8.6 Lakh sq ft.

Brokerages like Reliance Securities and BP Wealth have been constructive on the IPO, citing the corporate’s robust monetary efficiency and working metrics, strategic positioning in tier II markets, and its deliberate enlargement in tier I markets.

DevX’s consolidated web revenue jumped 286% to INR 1.7 Cr in FY25 from INR 44 Lakh within the earlier fiscal 12 months. Working income grew 47% to INR 158.8 Cr in the course of the 12 months below evaluation from INR 108 Cr in FY24. 

“DevX has carved a distinct segment as a tier II market chief within the managed workspace section, backed by robust occupancies and a transparent deal with enterprise-grade options. Its multi-model method ensures a steadiness between progress and capital effectivity, whereas key metrics resembling income and Return on Capital Employed (ROCE) have proven robust enchancment. The corporate’s deliberate enlargement into tier I cities and its upcoming abroad foray add significant long-term progress potential,” mentioned Reliance Securities.

With the general public market debut, DevX grew to become the most recent listed coworking house supplier after Awfis, Smartworks and IndiQube. These firms type part of India’s coworking market estimated at round $2 Bn in 2025 and projected to succeed in $3 Bn by 2030.