The Indian IPO market is currently very hot and this week there is also a another explosive IPO is opening – Dev Exlated Limited IPO 2025. This IPO is creating a lot of buzz among the investor by its affordable price band, fresh issue and fast-growing business model. Let’s cover each and every angle of Dev Exlated Limited IPO – from company profile to financials, IPO details, GMP, strengths & risks, and final review, meaning everything.
About Dev Exlated Limited
Dev Exlated Limited was started in 2017 and now today it has become India’s largest flexible office space operators. The main work of this company is to provide the flexible workspaces and co-working solutions that provides modern office environment for the corporates, startups and professionals.
As of 31 May 2025:
- Clients: 250+
- Centers: 28 (across 11 Indian cities)
- Seats: 14,144
- Total Managed Area: 86,522 sq. ft.
Company’s presence is just not only limited to metro cities, but also a strong in Tier-1 and Tier-2 cities like Delhi NCR, Mumbai, Hyderabad, Pune, Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, Rajkot and Vadodara.
Dev Exlated Limited IPO 2025 Dates
The important dates of IPO:
- Open Date: 10 September 2025
- Close Date: 12 September 2025
- Allotment Date: 15 September 2025
- Refunds/Unblocking of Funds: 16 September 2025
- Listing Date: 17 September 2025
👉 IPO will be listed on both NSE and BSE.
Price Band & Lot Size
- Price Band: ₹56 – ₹61 per share
- Cut-off Price: ₹61 (Retail & HNI both have to type the cut-off)
The breakdown of Lot size and investment amount:
- Retail Investors:
- 1 lot = 235 shares = ₹13,335 minimum
- Maximum: 13 lots = ₹1,86,355
- HNI Small:
- Minimum 14 lots (₹2 lakh+)
- Exact = ₹1,90,690
- HNI Big:
- Minimum 70 lots (₹13.45 lakh+)
👉 The total size of IPO is ₹143 crore, and it will be 100% fresh issue.
📌 IPO Reservation (Quota) – Short Explanation
🔹 QIB (Qualified Institutional Buyers) – 75%
This quota is mainly for the big investors like Mutual Funds, Insurance Companies, FIIs, Banks, etc. Generally they are accounted for the largest portion of the IPO. This indicates that the company is focusing on the institution for ensure a strong and stable IPO.
🔹 Retail Investors – 10%
Retail investors who apply for maximum 2 lakh have only 10% quota reserved. There is quite limited chances of allotment and getting one can be difficult if there is oversubscription.
🔹 HNIs (High Net-worth Individuals) – 15%
For the HNIs (₹2 lakh+ investment), 15% quota is reserved. Here there is a possibility of very high demand, especially because the IPO is in low-price brand and GMP is also trending positive.
📌 Objects of the Issue – Detailed Explanation
The company will invest the money it raise from the IPO in mainly 3 places:
1️⃣ Capital Expenditure – ~₹73 crore
- The company will invest this money in its business expansion and infrastructure development.
- Just like opening a new office centers, increasing the seating capacity and upgrading the modern facilities.
- This will help the company to grow both its market presence and revenue.
2️⃣ Debt Repayment – ~₹35 crore
- There is currently around ₹130 crore of borrowing on the company.
- One portion of the IPO will also used in loan repayment.
- Reduction in debt will improve the company’s financials and profitability.
3️⃣ General Corporate Purposes
- This is a broad catogory in which the money is used different activities like day-to-day business activities, working capital, marketing & brand building, technology upgrades, and future strategic needs.
- This will provide the company the flexibility to achieve its long-term business goals.
Financial Performance of Dev Exlated Limited IPO:
The Financials are one of the most important part of an IPO. Let’s understand in details:
- Revenue Growth: FY 2024 vs FY 2025 jump of 62%.
- PAT (Profit After Tax): 33% growth
- Total Assets: ₹282 crore (2023) → ₹540 crore (2025)
- EBITDA: ₹80+ crore
- Borrowings: ₹130 crore
- ROE (Return on Equity): 25.95%
- Debt-to-Equity Ratio: 2.39 (little high according to the industry nature)
- PAT Margin: 1%
- EBITDA Margin: 50.64%
- Price-to-Book Value: 7.94
👉The company was in losses in 2023, but broke even in FY 2024 and generated a healthy profits in 2025. This turnaround story is a strong positive signal.
Business Model & Revenue Stability
Dev Exlated’s focus is on providing managed office solutions to large corporate:
- Contracts have a tenure of 5–9 years
- The Minimum lock-in period is 3–5 years
This creates predictable and stable revenue streams for the long-term contract, which is a strong point.
Peer Comparison
Some of the Peers according to the offer documents:
- Smartworks
- IndiQube
- Office Spaces
Among their competitor, Dev Exlated has a better combination of affordable pricing, scale and profitability.
📌 Grey Market Premium (GMP)
According to the sources and market buzz, Dev Exlated Limited IPO’s is trading around GMP of ₹15–18% premium. Its simple meaning is that if the upper price band of IPO is ₹61 then its expected trading price is around ₹70–72.
👉 This is a positive signal for Retail and HNI investors because now the market sentiments are strong and probability of getting a short-term gain of the day of listing is seems to be very high.
But remember one thing that GMP is just a unofficial indicator which depend on the demand-supply and market mood. The final listing price is always decides by the actual market subscription and investor sentiments.
Strengths of Dev Exlated Limited IPO:
✔️ Strong presence across 11 cities (metro + Tier-2)
✔️ High revenue & profit growth (turnaround story)
✔️ Affordable IPO pricing (₹61/share)
✔️ Long-term corporate contracts (stable revenue)
✔️ 100% fresh issue → funds will directly use in company growth
✔️ Positive GMP trend
Final Verdict – Should You Apply?
Dev Exlated Limited IPO is an IPO of new-age workspace solutions company which is currently in its growth phase.
- For the Short-term Investors: GMP and low price band, both suggest that there is a strong chances of listing gains.
- For the Long-term Investors: Company’s business model is promising, but it is necessary to pat attention on debt and low PAT margin.
👉Overall, This IPO is a affordable and attractive opportunity, especially for those traders who are targeting the listing gain.
🔑 Key Takeaways
- IPO Size: ₹143 crore (Fresh Issue)
- Price Band: ₹56–₹61
- Dates: 10–12 September (open/close)
- Listing: 17 September (NSE & BSE)
- GMP Expectation: ₹15–18%
- Verdict: Apply for listing gains, and long-term hold only for the aggressive investors.
