Institutional investors participated in the anchor book included Universal Sompo General Insurance Company, Finavenue Capital Trust, Sunrise Investment Opportunities Fund, Meru Investment Fund, SB Opportunities Fund, Vbcube Ventures Fund, and Venus Stellar Fund.
Should you apply?Brokerage firm Anand Rathi views the IPO as fully priced and has recommended investors to subscribe to the issue for a long term.
The company has broadened its offerings to include HR, IT, and software services through Saasjoy to strengthen client retention and address evolving workplace and technology needs.
Additionally, via its associate Scaleax Advisory, it helps GCCs build global teams in India by providing facility and payroll management, as well as recruitment solutions like talent sourcing, AI-based screening, and team augmentation.
Dev Accelerator IPO price band
The IPO, which consists of solely fresh issue of 2.35 crore shares, has fixed a price band of ₹56-61 per share. Investors can bid for a minimum of 235 shares and in multiples thereof.
Dev Accelerator IPO GMP
In the unlisted market, shares of Dev Accelerator are commanding a premium of ₹9 today, indicating a likely listing gain of nearly 15% over the issue price.
However, it is important to note that grey market premiums are just an indicator of how the company’s shares are stacked up in the unlisted market and are subject to change rapidly.
Dev Accelerator IPO objective
The Ahmedabad-based company intends to spend ₹73.1 crore of the net IPO funds for fit-outs in the proposed centers. Further, ₹35 crore will be utilised for repayment of borrowings and the remainder proceeds for general corporate purposes.
Company overview
Dev Accelerator is one of the largest flex space operators in terms of operational flex stock in Tier 2 markets. Since their inception, they have established a presence in both Tier 1 and Tier 2 markets across India, including Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, Rajkot, and Vadodara as of May 31, 2025.
As of May 31, 2025, they serve over 250 clients across 28 centers in 11 Indian cities, managing 14,144 seats over 860,522 sq. ft. of space.
Revenues surged 47% year-on-year to ₹1,59 crore in FY25, while consolidated profit after tax stood at ₹1.8 crore, up from ₹40 lakh in FY24. The turnaround follows heavy losses in FY23. Despite growth, margins remain thin, with PAT margin at just 1.1%.
Pantomath Capital Advisors is acting as the merchant banker for the Dev Accelerator IPO, and Kfin Technologies Ltd. is the registrar.
The allotment for the Dev Accelerator IPO is expected to be finalised on September 15, with the shares listing on BSE and NSE with a tentative listing date fixed as September 17.
