Dev Accelerator IPO: Fresh Issue Only, No OFS; Proceeds to Fund Expansion and Debt Repayment
Bilkul Bazaar
Dev Accelerator Limited, a leading provider of flexible workspace solutions in India, is set to launch its Initial Public Offering (IPO) on Wednesday, September 10, 2025. The IPO, comprising a fresh issue of equity shares worth up to ₹143.35 crore at a price band of ₹56–61 per share, will close on Friday, September 12, 2025, with the Anchor Investor bidding scheduled for September 9, 2025. Proceeds from the issue will be primarily used for expansion of new centres, debt repayment, and general corporate purposes.
Key Highlights – Dev Accelerator Limited IPO
IPO Dates: Opens September 10, 2025 | Closes September 12, 2025
Anchor Investor Date: September 9, 2025
Price Band: ₹56–61 per share (Face value: ₹2)
Issue Size: Fresh issue worth up to ₹143.35 crore | No OFS
Lot Size: Minimum 235 shares and in multiples thereafter
Listing: BSE & NSE (NSE designated exchange)
Use of Proceeds:
₹73 crore – Capital expenditure (fit-outs at new centres)
₹35 crore – Debt repayment / NCD redemption
Balance – General corporate purposes
Business: Flexible workspace provider with 28 centres across 11 cities, 14,144 seats, 8.6 lakh sq. ft. under management, serving 250+ clients
Financials (FY 2025):
Revenue: ₹158.88 crore (47% YoY growth)
Net Profit: ₹1.77 crore (305.7% YoY growth)
Adjusted EBITDA: ₹80.46 crore
BRLM: Pantomath Capital Advisors Pvt. Ltd.
Dev Accelerator Limited, one of India’s leading flexible workspace solution providers, will launch its Initial Public Offering (IPO) on Wednesday, September 10, 2025, with subscriptions closing on Friday, September 12, 2025. The Anchor Investor bidding date is set for Tuesday, September 9, 2025.
The company has fixed a price band of ₹56–61 per equity share of face value ₹2 each. The IPO comprises a fresh issue of equity shares worth up to ₹143.35 crore at the upper band, with no Offer for Sale (OFS) component.
What the Company Does
Dev Accelerator is positioned as a key player in India’s flexible workspace sector, with a strong footprint in Tier-2 markets. The company operates under multiple business models such as:
Straight Lease Model
Revenue Share Model
Furnished by Landlord Model
OpCo–PropCo Model
As of May 31, 2025, Dev Accelerator managed 28 centres across 11 Indian cities, offering 14,144 seats across a total area of 8.6 lakh sq. ft. The company serves a client base of over 250 corporates and businesses, making it one of the largest flex-space operators outside metro hubs (Source: JLL Report).
Utilisation of IPO Proceeds
The company intends to channel the IPO funds into key strategic areas:
₹73 crore for capital expenditure on fit-outs at proposed new centres
₹35 crore for full or partial repayment of debt, including redemption of non-convertible debentures
Balance funds for general corporate purposes
This allocation underscores Dev Accelerator’s dual focus on expansion and strengthening its balance sheet.
Financial Performance
In FY 2025, Dev Accelerator reported:
Operating income of ₹158.88 crore, a 47% jump over ₹108.09 crore in FY 2024
Net profit of ₹1.77 crore, up 305.7% YoY from ₹0.44 crore in FY 2024
Adjusted EBITDA of ₹80.46 crore, reflecting robust operational performance
Issue Structure
The IPO will be offered through a book-building process in compliance with SEBI regulations, with:
75% reserved for Qualified Institutional Buyers (QIBs), including up to 60% for Anchor Investors
15% for Non-Institutional Investors (NIIs)
10% for Retail Investors
Reservations for eligible employees (1.65 lakh shares) and eligible shareholders (3.29 lakh shares)
Shares will be listed on both BSE and NSE, with NSE as the designated exchange. Investors can bid for a minimum of 235 equity shares and in multiples thereafter.
Pantomath Capital Advisors Pvt. Ltd. is the Book Running Lead Manager for the issue.
Leadership Speaks
Parth Shah, Chairman, Dev Accelerator Limited, said:
“This IPO is a defining step in our mission to democratize flexible workspaces in India. By targeting Tier-2 cities, we are bridging the gap between evolving corporate needs and affordable workspace solutions. The fresh capital will enable us to accelerate our growth trajectory and strengthen our leadership position.”
Umesh Uttamchandani, Managing Director, Dev Accelerator Limited, added:
“Our company is driven by a vision to provide scalable and sustainable flex-space solutions. With proceeds earmarked for expansion, debt reduction, and operational excellence, we are confident of enhancing shareholder value while continuing to deliver modern, agile workplaces to our clients.”
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