Mumbai: Dev Accelerator Limited is coming out with its IPO proposed to be listed on BSE and NSE and priced at Rs 56 to Rs 61 per equity share – aggregating to Rs 143.35 crores — which will be opening on September 10, 2025 and closing on September 12, 2025.
The company proposes to utilize the Net proceeds of this Fresh issue towards: Capital expenditure for fit-outs in the Proposed Centers estimated at Rs 73 crore; Repayment and/or pre-payment in full or part of certain borrowings availed by the company including redemption of non-convertible debentures estimated at Rs 35 crore; and balance towards general corporate purposes.
Parth Shah, Chairman, said that as part of its support for the environment, the Company is focusing on Sustainability and going Green by getting certification from the Indian Green Building Council.
Umesh Uttamchandani, MD, said the flexible space sector is booming at 21% today — compared to it being barely 2% in 2017. “The focus is now on growing this abundant demand, where the Rent to Revenue ratio is 2.5x in Tier II cities,” he said, adding “Our Revenue is 85% from managed office spaces, while our attrition level is barely 1%.”
The company offers space solutions in the form of flexible workspaces to their clients and is one of the largest flex space operators in terms of operational flex stock in Tier II markets.
The Company sources and procures workspaces through the Straight Lease Model, and has over 250 clients and 28 Centers across 11 cities in India.
In the financial year 2024-25, the Company reported Revenue from Operations of Rs 158.88 crore — up 47 percent from Rs 108.09 crore in the previous fiscal. Its restated Profit after Tax stood at Rs 1.77 crore in FY25, up by 305% compared to Rs 0.44 crore in FY24.
Pantomat Capital Advisors Private Limited is the sole Book Running Lead Manager to the IPO issue.
