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After hitting lower circuit in four out of the five sessions post its listing session and ending over 16% below its listing price yesterday, shares of coworking space provider DevX soared 4.8% to INR 56.50 during the intraday trading today.
However, the shares pared some of the gains and were trading 3.9% above the previous close at INR 55.9 at 10:42. The company’s market capitalisation stood at INR 504.96 Cr (around $57 Mn) and 9.3 Lakh shares traded hands by then.
The coworking space provider saw a muted listed listing, making its debut at INR 61.30 as against the issue price of INR 61. In its debut session on September 17, the stock rose to a high of INR 64.3. However, it came under pressure from the second session onwards.
The company’s IPO comprised a fresh issue of 2.35 Cr shares and was oversubscribed 64X.
DevX plans to deploy INR 73.1 Cr from the IPO proceeds for fit-outs of four new centres in Surat, Pune, Ahmedabad, and Sydney, while INR 35 Cr will be used for debt repayment, and the rest for general corporate purposes.
Founded in 2017 by Parth Shah, Rushit Shah and Umesh Uttamchandani, DevX provides managed office spaces, coworking spaces, designing services, among others. It claims to be one of the largest flex space operators in terms of stock in tier II cities in the country.
As on May 31, 2025, the company had over 250 clients and 28 centres across 11 cities in India, including Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, among others. It had 14,144 seats over a total area under management of SBA (super built-up area) 8.6 Lakh sq ft.
Brokerages like Reliance Securities and BP Wealth were positive on the IPO, citing the company’s strong financial performance and operating metrics, strategic positioning in tier II markets, and its planned expansion in tier I markets.
DevX’s consolidated net profit jumped 286% to INR 1.7 Cr in FY25 from INR 44 Lakh in the previous fiscal year. Operating revenue grew 47% to INR 158.8 Cr during the year under review from INR 108 Cr in FY24.
“DevX has carved a niche as a tier II market leader in the managed workspace segment, backed by strong occupancies and a clear focus on enterprise-grade solutions. Its multi-model approach ensures a balance between growth and capital efficiency, while key metrics such as revenue and Return on Capital Employed (ROCE) have shown strong improvement. The company’s planned expansion into tier I cities and its upcoming overseas foray add meaningful long-term growth potential,” said Reliance Securities.
With the public market debut, DevX became the latest listed coworking space provider after Awfis, Smartworks and IndiQube. These companies form a part of India’s coworking market estimated at around $2 Bn in 2025 and projected to reach $3 Bn by 2030.
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