The Ahmedabad-based company plans to raise up to Rs 143 crore through a fresh issue of 23.5 million equity shares. At the upper end of the price band, the IPO values the company at a post-issue market capitalization of about Rs 550 crore.
According to the company’s prospectus, bids can be made for a minimum lot size of 235 shares, translating to Rs 13,160 at the lower band and Rs 14,335 at the upper band. Retail investors can apply for up to 13 lots, while HNIs and institutional investors will have higher bidding limits.
As per the allocation structure, 75% of the offer is reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for retail investors. In addition, employees and existing shareholders of Dev Information Technology have reserved quotas.
Company background
Dev Accelerator positions itself as an integrated workspace solutions provider, catering to corporates, start-ups, and individuals. Its offerings range from single desks to customized offices with exclusive access for clients. The company operates through various asset procurement models, including Straight Lease, Revenue Share, Furnished by Landlord, and OpCo–PropCo.
It has expanded aggressively into both Tier-1 and Tier-2 markets, with a footprint across Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, Rajkot, and Vadodara. Its services cover workspace design, development, technology integration, and end-to-end asset management.
Industry context
The IPO comes at a time when India’s flex space sector is witnessing strong growth. According to industry data, flexible workspaces accounted for 20% of gross leasing in 2024 across India’s top seven office markets. Flex space stock expanded from 18.6 million sq. ft. in 2018 to 74 million sq. ft. in 2024, a 26% CAGR, underlining the sector’s rising significance.
Financials and IPO proceeds
Dev Accelerator has reported steady growth in recent years. Revenue rose to Rs 159 crore in FY25, while profit after tax surged multi-fold to Rs 1.8 crore compared with FY24 levels.
The company plans to use the IPO proceeds for capital expenditure on new centers and repayment of certain borrowings, along with funding general corporate purposes.
Pantomath Capital Advisors is acting as the book-running lead manager, while KFin Technologies is the registrar to the issue. Shares will be listed on both BSE and NSE, with tentative listing scheduled for September 17.
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