Mumbai: Dev Accelerator Limited has announced the opening of its Initial Public Offering (IPO) on Wednesday, September 10, 2025, with a closing date of Friday, September 12, 2025. The Dev Accelerator IPO has set its price band at ₹56 to ₹61 per equity share of face value ₹2 each. The Anchor Investor Bidding Date is scheduled for Tuesday, September 9, 2025.
Investors can place bids for a minimum of 235 equity shares and in multiples thereafter. At the upper price band, the issue size aggregates to ₹143.35 crore, consisting entirely of a fresh issue. No Offer for Sale (OFS) component is included in the IPO.
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Dev Accelerator IPO: Utilisation of Proceeds
The company intends to allocate the net proceeds from the Dev Accelerator IPO towards:
- Capital expenditure for fit-outs in proposed centers, estimated at ₹73 crore
- Repayment and/or pre-payment of certain borrowings including redemption of NCDs, estimated at ₹35 crore
- Balance towards general corporate purposes
Business Overview of Dev Accelerator
Dev Accelerator provides flexible workspace solutions and is recognized as one of the largest flex space operators in Tier 2 markets (Source: JLL Report). The company follows multiple workspace procurement models including Straight Lease, Revenue Share, Furnished by Landlord, and the OpCo–PropCo model.
As of May 31, 2025, the company managed 28 centers across 11 Indian cities, serving more than 250 clients with 14,144 seats and a total area of 860,522 sq. ft. under management.
Dev Accelerator Financial Performance
In FY25, Dev Accelerator reported:
- Revenue from operations of ₹158.88 crore, up 47% from FY24’s ₹108.09 crore
- Restated profit after tax (PAT) of ₹1.77 crore, a surge of 305.72% from ₹0.44 crore in FY24
- Adjusted EBITDA of ₹80.46 crore in FY25
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Dev Accelerator IPO Listing and Management
The equity shares offered through the Red Herring Prospectus dated September 2, 2025, are proposed to be listed on BSE and NSE, with NSE as the designated stock exchange. The IPO will be conducted through the Book Building Process in compliance with SEBI ICDR Regulations.
Pantomath Capital Advisors Private Limited is acting as the sole Book Running Lead Manager to the issue.
The Red Herring Prospectus is available here
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