- Bid /Issue will close on Friday September 12, 2025
- The Anchor Investor Bidding Date shall be Tuesday, September 09, 2025
- Bids can be made for a minimum of 235 Equity Shares and in multiples of 235 Equity Shares thereafter
NE BUSINESS BUREAU
AHMEDABAD, SEPT 5
City-based workspace solutions provider Dev Accelerator Limited, a flexible office spaces provider, has on Friday set the price band for its maiden public issue in the range of ₹56 to ₹61 per equity share. The issue will open for subscription on Wednesday, September 10, 2025, and close on Friday, September 12, 2025. The anchor investor period shall be one day prior to the opening date, i.e. Tuesday, September 9, 2025.
The company aims to raise ₹143.35 crore through a fresh issue of 23.5 million equity shares. There is no offer for sale (OFS).
Bids can be made for a minimum of 235 Equity Shares and in multiples of 235 Equity Shares thereafter.
The IPO has reserved up to 1,64,500 shares for employees and 3,29,000 shares for existing shareholders.
According to the red herring prospectus (RHP), the company has reserved not more than 75 per cent of the issue for qualified institutional buyers (QIBs), not less than 10 per cent for retail investors and not less than 15 per cent for non-institutional investors (NIIs).
The company proposes to utilise ₹73.1 crore from the net issue proceeds for capital expenditure for fit-outs in the proposed centres, and ₹35 crore for repayment of debt availed by the company, including redemption of non-convertible debentures. The remaining funds will be used for general corporate purposes.
Established in 2017, Dev Accelerator offers space solutions in the form of flexible workspaces, from individual desks to customised office spaces with exclusive access. The company sources and procures its workspaces through the Straight Lease Model, Revenue Share Model, Furnished by Landlord model and the OpCo – PropCo Model. It has presence in both Tier 1 and Tier 2 markets across India, including regions such as Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, Rajkot and Vadodara.
As of May 2025, the company has over 250 clients and 28 centres across 11 cities in India, with 14,144 seats covering a total area under management of SBA 860,522 square feet. The company aims to establish eight new centers.
In the financial year 2024-25 (FY25), Dev Accelerator reported revenue from operations of ₹158.87 crore, up 47 per cent from ₹108 crore in the previous fiscal. Its profit after tax (PAT) stood at ₹1.77 crore in FY25 compared to ₹43.7 lakh crore in FY24. Its adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) came in at ₹80.46 crore in FY25 against ₹64.7 crore in FY24.
The company is expected to command a market capitalisation of ₹550.14 crore post-IPO.
The stock will be listed on the National Stock Exchange (NSE) and BSE, tentatively on Wednesday, September 17, 2025.
Kfin Technologies is the registrar for the issue. Pantomath Capital Advisors is the sole book-running lead manager.
