Mumbai, September 4, 2025: Dev Accelerator Limited has announced the launch of its Initial Public Offering (IPO), with the subscription window opening on Wednesday, September 10, 2025 and closing on Friday, September 12, 2025. The company has fixed a price band of ₹56 to ₹61 per equity share of face value ₹2 each.
The Anchor Investor Bidding Date has been scheduled for Tuesday, September 9, 2025. Investors can bid for a minimum of 235 equity shares and in multiples thereafter.
IPO Details
The issue comprises only a fresh issue of equity shares, aggregating up to ₹1,433.50 million (₹143.35 crore at the upper price band). There is no offer for sale (OFS) component in this IPO.
The company intends to use the net proceeds from the issue for:
Capital expenditure for fit-outs in proposed centers (₹731.16 million / ₹73 crore),
Repayment and prepayment of borrowings, including redemption of non-convertible debentures (₹350 million / ₹35 crore),
General corporate purposes.
Business Overview
Dev Accelerator Limited is a leading provider of flexible workspace solutions in India. The company has built a strong presence, particularly in Tier 2 markets, and is among the largest operators of operational flex stock in these regions, according to a JLL report.
The firm operates through multiple models, including Straight Lease Model, Revenue Share Model, Furnished by Landlord model, and the OpCo–PropCo Model.
As of May 31, 2025, Dev Accelerator had over 250 clients and 28 centers across 11 cities in India, managing a total Super Built-up Area (SBA) of 860,522 sq. ft. with 14,443 seats.
Financial Performance
For the financial year 2024-25 (FY25), the company reported:
Revenue from operations: ₹158.88 crore, up 47% from ₹108.09 crore in FY24.
Profit after tax (restated): ₹1.77 crore in FY25, marking a surge of 305.72% compared to the previous year.
Listing and Regulatory Details
The equity shares are proposed to be listed on both BSE and NSE, with NSE designated as the lead exchange. The company has filed its Red Herring Prospectus (RHP) with the Registrar of Companies (ROC), Gujarat at Ahmedabad, SEBI, and the stock exchanges.
