Dev Accelerator IPO GMP: Key Things To Know About Office Space Provider’s Public Issue

Dev Accelerator IPO GMP: The initial public offering (IPO) of Dev Accelerator will open for subscription from September 10-12, 2025. Here’s a look at some of the key details of the office space provider’s financials, strengths, risks and peers before it opens for subscription:

Dev Accelerator IPO GMP

The unlisted shares of Dev Accelerator are garnering a premium between Rs 10 and Rs 11 above the issue price on the grey market, according to multiple websites which track the movement of shares of unlisted companies. Given the GMP of Rs 11, the grey market price of the stock is around Rs 114 apiece, indicating a premium of 10.67 per cent.

Dev Accelerator IPO: Offer Size, Listing Date, Price Band

Dev Accelerator IPO issue size aggregates to Rs 1,900 crore and consists of a combination of a fresh issuance of 45.80 million shares amounting to Rs 472 crore and an offer for sale (OFS) of 138.60 million shares amounting to Rs 1,428 crore.

The price band has been fixed at Rs 98-103 per share. The minimum lot size for retail investors has been set at 1 lot consisting of 145 shares aggregating to a minimum investment of Rs 14,935. The allotment is expected on September 15. Once the share allotment status is decided, successful bidders will receive shares in their demat accounts on September 16. Dev Accelerator shares are slated to list on the BSE and NSE on September 17.

Dev Accelerator: Key Financials

Dev Accelerator’s total income increased to Rs 1260.68 crore in the financial year ending March 31, 2025 compared to Rs 927.99 crore in the preceding fiscal. The company’s profit-after-tax (PAT) for FY 2024-25 stood at Rs 239.77 crore compared to a net loss of Rs 92.77 crore in FY 2023-24. The net worth of Dev Accelerator increased to Rs 1,781.28 crore in FY 2024-25 from Rs 1,292.64 in the preceding fiscal.

Dev Accelerator: Listed Peers

According to Dev Accelerator’s Red Herring Prospectus (RHP), the listed peers of the company include Awfis Space Solutions, Smartworks Coworking Spaces, and Indiqube Spaces

Dev Accelerator: Business Model

Dev Accelerator is a flexible office-space provider. The company claims to have a presence in both Tier 1 and Tier 2 markets. The company provides a range of office-space related solutions, such as conducting the sourcing of office spaces, customising designs, developing spaces, and providing technology solutions to provide complete asset management. The company also undertakes property upkeep, regular cleaning, HVAC (heating, ventilation, and air conditioning) maintenance and other such functions.

As of May 31, 2025, Dev Accelerator has more than 250 clients across 28 centres located in 11 cities in India. Dev Acceleratror has a total seating capacity of 14,144 seats across its centres. The company also offers design and execution services through its Subsidiary, Neddle and Thread Designs LLP. The services offered by the company include, managed office spaces, coworking spaces, design and execution services, payroll management services, facility management services: and IT/ITes related services.

Dev Accelerator IPO: Risks and Strengths

Here's a look at some of the key-risks highlighted by Dev Accelerator in its RHP:

• Dev Accelerator mentioned in its RHP that it does not own any of the land or buildings on which its centres are built. The company added that defects in the title or ownership may result in the centres being shut down.

• Its top 10 customers make up a bulk of its revenue from operations contributing 38.58 per cent, 37.18 per cent and 37.93 per cent in the last three fiscal years. Thus, any reduction in revenues or sales from any one of the key customers can adversely affect the company’s business.

• The office space provider disclosed in its RHP that its cash flows from operating activities have fluctuated in the past and it has experienced negative cash flows from investing activities in FY25, FY24 and FY23 and may continue to do so in the future, which could adversely affect the company’s business.

• The company added that it generates a major portion of its revenue from clients engaged in certain industries. Over 55 per cent of the company’s revenue from our operations is generated from clients in the IT / ITES industry. A loss of business from clients in these industries can negatively impact the company’s revenue.

Here’s a look at some of the key strengths of Dev Accelerator according to the company’s RHP:

• Dev Accelerator claims in its RHP that it is one of the largest managed office space operators in Tier 2 markets in India.

• It also has a pan-India presence and has consistently high occupancy rates across its centres.

• Its customer-centric business model ensures long-term relationships with customers.

• It further said that it has experienced promoters and management team. The company mentioned that its promoters Parth Naimeshbhai Shah, Umesh Satishkumar Uttamchandani and Rushit Shardulkumar Shah have a cumulative experience of more than 21 years in the flexible workspace sector.

Dev Accelerator IPO: Objective

Dev Accelerator aims to use the funds generated via the public issue for purchasing new technology and developing cloud infrastructure. As much as Rs 190 crore from the raised capital will be used for this purpose. The funds generated by way of the public issue will also be used for leasing offices and conducting marketing activities, Rs 75 crore and Rs 90 crore will be used for these purposes, respectively. The office space solutions provider will use a portion of the raised capital for fulfilling general corporate purposes.