Dev Accelerator is into Real Estate Office Workspace Solutions sector and is looking raise funds through Fresh Issue
IPO Summary
Dev Accelerator IPO is a public offering of shares by 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. The IPO will open on September 10 and will close on September 12. The price band is ₹56 to ₹61 per share and the lot size is 235 shares. The issue size is ₹143.35 crore. The shares are expected to be listed on NSE, BSE on September 17 (^). Some additional information that you may find useful are: Revenues increased from ₹69.91 crore in FY23 to ₹108.09 crore in FY24, further to ₹158.87 crore in FY25. EBITDA reported at ₹6.56 crore in FY24 and ₹9.36 crore in FY25. Reported Net loss of ₹4.84 crore in FY23 to a net profit of ₹0.43 crore in FY24 and ₹1.8 crore in FY25.: (**) - based on higher price band (^) indicative datePromoters of the company 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 Currently promoters hold 49.79% stake in the company. While post-equity promoters stake will be 36.81%
- Company aims to raise between Rs 132 to 143 crs through this IPO.
- The net proceeds of the issue will be utilized to 1) Rs73.1 crores capex towards fit-outs in upcoming centers 2) Rs35 crores debt repayment and 3) General Corporate purpose
- Anchor bidding is expected to commence one day prior to the IPO dates. Tentative anchor bidding date would be 09-Sep-25.
- Price band for the IPO has been fixed at Rs 56 to 61 per share and bid lot are in multiple of 235 shares. The implied market cap post-issue at Rs 505 to 550 crs.
- As per the tentative schedule, allotment date of this IPO is most likely on September 13 and share are expected to be listed on NSE, BSE on September 17.
- Company has direct peer competition in India'a workspace solutions sector. In Listed space only peer is Awfis Space Solutions Limited.
- Pantomath Capital Advisors has been appointed as Merchant Banker to the issue. KFin Technologies Limited has been appointed as official registrar of the issue.
- Company has not undertaken Pre-IPO placement.
Key Pointers of Dev Accelerator IPO:
| Dev Accelerator Limited IPO Snapshot | UdhyamPitch on X | |||
|---|---|---|---|
| Established | City | Sector | Sub-Sector |
| 2017 | Ahmedabad | Real Estate | Office Workspace Solutions |
| Issue | Issue Type | Tentative Listing Date | Listing at |
| IPO (Fresh) | Book Building | 17-Sep-25 | NSE, BSE |
| IPO Dates | Price Band (Rs/sh) | Face Value (Rs/sh) | Min Lot Qty |
| 10-Sep-25 to 12-Sep-25 | ₹ 56 to 61 per sh | ₹ 2 per sh | 235 sh and in multiples |
| Retail App (min) | Retail App (max) | Non-Retail (Rs2-10L App) | Non-Retail (>Rs10L min App) |
| 235 shares ₹ 14,335 | 3,055 shares up to ₹ 186,355 | 3,290 to 16,215 shares ₹ 200,690 to 989,115 | 16,450 shares and above ₹ 1,003,450 and above |
There are highly chances of variation in data. Users are requested to visit BSE, NSE, SEBI to gather information or read DRHP / RHP for more information.
About Dev Accelerator Limited
Established in 2017, Company is into flexible workspace solutions spread into 28 Centers across 11 cities in India. Company has 14,144 seats covering a total area under management of 860,522 square feet. It has total 250 clients managing through 28 centers.
Revenues increased from ₹69.91 crore in FY23 to ₹108.09 crore in FY24, further to ₹158.87 crore in FY25. EBITDA reported at ₹6.56 crore in FY24 and ₹9.36 crore in FY25. Reported Net loss of ₹4.84 crore in FY23 to a net profit of ₹0.43 crore in FY24 and ₹1.8 crore in FY25.
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 20% 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 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 annualgross 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.)
| Dev Accelerator Limited IPO Dates | UdhyamPitch on X | |
|---|---|
| Anchor Open | 09-Sep-25 |
| IPO Open | 10-Sep-25 |
| IPO Close | 12-Sep-25 |
| Allotment | 13-Sep-25 |
| Credit of Shares | 16-Sep-25 |
| Refund | 16-Sep-25 |
| Listing | 17-Sep-25 |
| Anchor Investor Lockin (50% of Anchor book investment) | |
| Anchor Investor Lockin (Balance 50% of Anchor book investment) | |
Kindly note UPI Mandate deadline is 5:00 pm IST on closing date. To avoid last minute issue, request you to approve UPI mandate before 4:00 pm IST on last day. In case, UPI mandate has not been approved during the prescribed time period, applications are liable to get rejected.
There are highly chances of variation in dates. Users are requested to visit BSE, NSE, SEBI to gather information or read DRHP / RHP for more information.
| Dev Accelerator Limited IPO - Management Details: | |
|---|---|
| Parth Naimeshbhai Shah, Chairman | |
| UmeshSatishkumarUttamchandani, MD | |
| Parthiv Panchal, Jt CFO and Parin Shah, Jt CFO | |
| Anjan Trivedi, Company Secretary and Compliance Officer | |
Visit DRHP / RHP for more details on Board of Directors and Management details.
| Dev Accelerator Limited IPO - Details of Offer/Issue Breakup | UdhyamPitch on X | |||||
|---|---|---|---|---|---|
| Category | Quota (%) | No of Shares-Lower | No of Shares-Upper | Value (Rs Cr)-Lower | Value (Rs Cr)-Upper |
| QIB (Incl Anchor) | 75 | NA | 17,254,875 | NA | 105.25 |
| Non-Retail (NII) | 15 | NA | 3,450,975 | NA | 21.05 |
| Non-Retail (NII): >Rs10L | NA | 2,300,650 | NA | 14.03 | |
| Non-Retail (NII): Rs2L-Rs10L | NA | 1,150,325 | NA | 7.02 | |
| Retail | 10 | NA | 2,300,650 | NA | 14.03 |
| Employee | NA | 164,500 | . | . | |
| Shareholder | NA | 329,000 | 164,500. | . | |
| NA=Not Available or Not Calculated | Upper= Upper Price Band | Lower=Lower Price Band | |||||
There are highly chances of variation in data. Users are requested to visit BSE, NSE, SEBI to gather information or read DRHP / RHP for more information.
Check IPO Allotment status of Dev AcceleratorIPO:
| Dev Accelerator Limited - Anchor Lockin Dates and Details | |
|---|---|
| Anchor Investor Lockin (50% of Investment for 30 days) release of | |
| Anchor Investor Lockin (Balance Investment for 90 days) release of | |
Above information is automatically calculated based on estimations. Chances of errors/changes could be possible due to holidays and/or other conditions. Users are requested to Visit BSE, NSE, SEBI for more information or contact the Company/Merchant Banker/RTA for more information.
| Dev Accelerator Limited - Documents | |
|---|---|
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| Source: SEBI, BSE, NSE |
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