Dev Accelerator IPO

About Dev Accelerator IPO

The IPO of Dev Accelerator Ltd is a 100% book-built issue comprising only a fresh issue of up to 23,500,000 equity shares. It has no offer for sale. The price band is ₹56-₹61 per share and the lot size is 235. The IPO opens on September 10, 2025 and closes on September 12, 2025.

The listing date is on September 17, 2025 and the allotment date is on September 15, 2025. The credit of shares to the Demat account will take place on September 16, 2025, while the initiation of refund will take place on September 16, 2025.

Dev Accelerator Ltd is one of the largest flex space operators in terms of operational flex stock in Tier 2 markets. Since its inception, it has established its 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 31, 2025.

Objectives of Dev Accelerator IPO

The company proposes to utilise the IPO proceeds for:

• Capital expenditure for fit-outs in the new centres and for security deposits of the new centres
  
• Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company including redemption of non-convertible debentures issued by the company
  
• General corporate purposes
  

Industry Outlook

As portfolio strategies increasingly prioritise flexibility and talent retention, flex space operators are playing a crucial role in India's office markets. In Q1 2024, flex space accounted for 21% 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 65 mn sq ft in Q1 2024, with a CAGR of 26%.

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 ~122 mn 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.

Company Information

Dev Accelerator Ltd is one of the largest flex space operators in terms of operational flex stock in Tier 2 markets. Since its inception, it has established its 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 31, 2025.

Strengths of Dev Accelerator IPO

• Leadership position as one of the largest managed space operators in Tier 2 markets
• Pan-India presence with consistently high occupancy rates across its centres
• Customer-centric business model with an integrated platform approach, ensuring long-term relationships with customers
• Strong financial and operating metrics
• Experienced Promoters and management team with deep industry expertise

Risks of Dev Accelerator IPO

• Uncertainty in maintaining profitability despite PAT turning positive in FY 24
• Risk of title and ownership issues of centres
• Risk of unfulfilled financial benefits from investments
• Dependence on securing preferred properties
• Reliance on top customers for revenues the loss of which could impact business
• Concentration in a few cities

Anchor Investor Bidding Date

Anchor portion of the IPO opens for bidding on September 9, 2025.

IPO Registrar and Book Running Lead Manager

• IPO Registrar: KFin Technologies Ltd
• Book Running Lead Manager: Pantomath Capital Advisors Pvt Ltd

Business Model

Dev Accelerator Ltd commenced its operations in 2017 offering comprehensive office space solutions tailored to the needs of diverse businesses. It provides integrated services from sourcing office spaces, customising designs, developing spaces and providing technology solutions to providing complete asset management.

Company Growth Trajectory

The company’s revenue from operations grew from ₹69.911 crores in FY 23 to ₹158.875 crores in FY 25. Its EBITDA margin grew from 42.74% in FY 23 to 50.64% in FY 25, while operational cities increased from 9 in FY 23 to 11 in FY 25. PAN India presence coupled with customer-centric business model has helped the company grow over the years.

Market Position

Dev Accelerator Ltd is one of the largest flex space operators in terms of operational flex stock in Tier 2 markets. As on May 31, 2025, it 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.

Its clientele comprises large corporates, MNCs and SMEs, to whom it offers a variety of flexible office space solutions such as managed office spaces and coworking spaces as well as design and execution services through its Subsidiary, Neddle and Thread Designs LLP.

How to Check Allotment Status of Dev Accelerator Ltd IPO?

You can check the allotment status of Dev Accelerator Ltd IPO from the BSE website or through its registrar’s portal. To check status on the BSE website:

• Visit the BSE website
  
• Click on “Investor Services” and choose “Application Status Check”
  
• Choose the issue type — Equity or Debt
  
• Select the Issue Name from the drop-down.
  
• Enter your application number or PAN number
  
• Check the box that says “I’m not a Robot” and click on “Search” to know the allotment status
  

To check status on the registrar’s portal:

• Visit the website of KFin Technologies Ltd
  
• Choose IPO allotment status from ‘Products’ dropdown
  
• Click on any of the links
  
• Select the IPO
  
• Input either your application number, PAN number or Demat number
  
• Enter captcha and click on Submit
  

How to Apply for the IPO of Dev Accelerator Ltd?

To apply for the IPO of Dev Accelerator Ltd:

• Step 1: Log in to your Kotak Neo Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details: Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification: Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request Your funds will be blocked once you approve the mandate request on your UPI.