Ahmedabad based Office Workspace Solutions Company Dev Accelerator files DRHP with SEBI for the proposed IPO; Key Details here

Dev Accelerator is into Real Estate Office Workspace Solutions and is looking raise funds through Fresh Issue

Dev AcceleratorIPO: Fresh Issue of 27,500,000 Equity Shares through public issue IPO

Dev Accelerator IPO: Dev Accelerator Limited has filed Draft Red Herring Prospectus (DRHP) for proposed initial public offer (IPO) and raise funds through an offer of equity share capital having face value of Rs. 2 per share via initial public offering.

Promoters of Dev Accelerator are Parth Naimeshbhai Shah, Umesh Satishkumar Uttamchandani, Rushit Shardulkumar Shah, Jaimin Jagdishbhai Shah, Pranav Niranjan Pandya, Amisha Jaimin Shah, Kruti Pranav Pandyaand Dev Information Technology Limited and holds 49.8% stake in the company.

Key Details:

• Initial Public Offer comprising of a Fresh issue of upto 27,500,000 Equity shares.
• Pantomath Capital Advisors have been appointed as lead merchant bankers for the proposed IPO.
• It has appointed KFin Technologies Ltd. as Registrar and Share transfer Agent.
• Company is yet to finalize issue size and some other important details relating to the IPO.

Details about upcoming IPO:
As per the details available in DRHP, fundraising will consist of an Fresh Issue of up to 27,500,000 Equity Sharesby Promoters are not offloading Equity share as issue consists of Fresh issue only. ..

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Objects of the issue:
1) Rs87.9 crores capex towards fit-outs in upcoming centers, 2) Rs40 crores debt repayment, and 3) General Corporate purpose.

About Company:
Established in 2017, Company is into flexible workspace solutions spread into 25 Centers across 11 cities in India. Company has 13,140 seats covering a total area under management of 806,635 square feet. It has total 230 clients managing through 25 centers.

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About Industry:
Flex space operators are playing a crucial role in India’s office markets. The top seven markets account for ~75-80% of the total office market activity in India.In 2024, flex space accounted for 19.8% of gross leasing, highlighting its growing significance. It is worth noting that the flex space stock has experienced significant growth, increasing from 18.6 mn sq ft in 2018 to 74.0 mn sq ft in Q1 2024, with a CAGR of 26%. This translates to an overall office stock penetration of ~7.0% for the flex sector. Post-COVID, the flex segment has accounted for a 17-18% share of the annual gross leasing on average.Going forward, the trend of flex space expansion is expected to continue with the operational flex stock estimated to double over the next five years and reach ~129mn sq ft by 2028. This projected growth reflects the sustained demand for flexible office solutions and the recognition of their value in meeting evolving workplace dynamics. (Source: JLL Report.)

Source: SEBI, BSE, NSE, DRHP, Dev Accelerator, Industry Data

Disclaimer: Above article only publishes details about the IPO for educational purpose and doesn't solicit or invite any interest to invest. Please visit respective sources to verify and know more details about the IPO. We advise investors to take opinion from certified/SEBI registered experts before taking any investment decisions.