Gujarat-based flexible workspace provider Dev Accelerator Limited, an associate of Dev Information Technology, is gearing up for its mainboard IPO. Scheduled between September 10–12, 2025, the public offering comprises a fresh issue of 23.5 million equity shares, aiming to raise capital for expansion and debt reduction.
IPO Structure and Timeline
Fresh Issue Only
- Issue Size: 23,500,000 equity shares (all fresh issue; no Offer for Sale)
- Face Value: ₹2 per share
- Retail Portion: Allocated up to 10% of the issue
- Shareholder Quota: Reserved for existing shareholders
IPO Dates
- Open Date: September 10, 2025
- Close Date: September 12, 2025
- Allotment Finalisation: By September 15, 2025
- Refunds & Demat Credit: Commences September 16, 2025
- Listing Date: Expected September 17, 2025, on BSE & NSE
Business Profile & ASP Experienced
Business Focus
- Dev Accelerator, founded in 2017, operates managed offices, coworking spaces, and customizable suites across Tier-1 and Tier-2 cities
- As of August 2024, it operated 25 centers in 11 cities, covering ~806,635 sq. ft. with over 230 clients
Promoters
- Promoted by individuals including Parth Shah and Umesh Uttamchandani, along with Dev Information Technology Ltd.
Financial Snapshot (FY2025)
| Metric | Value (₹ crore) |
|---|---|
| Revenue | 178.89 |
| Net Profit After Tax | 1.77 |
| Net Worth | 54.79 |
| Total Assets | 540.38 |
| Borrowings | 130.67 |
- EBITDA Margin: ~50.6%
- ROCE: ~25.95%
- RoNW: ~3.24%
Use of IPO Proceeds
- ₹73.11 crore: Fit-out and security deposits for new centers
- ₹35 crore: Repayment/redemption of non-convertible debentures (NCDs)
- Balance: General corporate purposes
Comparative Edge in Flexible Workspace
Dev Accelerator holds a leadership position in Tier-2 flexible workspace markets, offering fully managed solutions with strong operational occupancy, a key growth trend in India’s commercial real estate sector.
The Dev Accelerator Limited IPO, opening September 10, 2025, offers investors exposure to a growing flexible workspace player servicing both Tier-1 and Tier-2 markets. With a clear capital utilization plan and improving financials, it presents a strategic entry into a niche yet scalable asset class.
Tags: Dev Accelerator IPO, flexible workspace IPO, Dev Information Technology associate IPO, mainboard IPO, fresh issue IPO, coworking space IPO, Tier-2 office real estate, September 2025 IPOs, book-built IPO, workspace sector IPO
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