Dev Accelerator IPO opens on September 10; check price band, issue size and more

Gujarat-based workspace solutions provider Dev Accelerator is set to launch its initial public offering (IPO) on September 10, closing on September 12. The IPO involves a fresh issue of up to 2.35 crore equity shares, with the company aiming to raise Rs 143.35 crore.

The price band is set between Rs 56 and Rs 61 per share, with a lot size of 235 shares. Key dates include the allotment finalisation on September 15 and listing on September 17. Pantomath Capital Advisors serves as the lead manager, while Kfin Technologies acts as the registrar.

The primary objectives of the IPO include expanding Dev Accelerator's workspace solutions and improving financial health. Rs 73.1 crore will be allocated for developing fit-outs in new centers, while Rs 35 crore will be directed towards repaying certain borrowings and redeeming non-convertible debentures. Remaining proceeds will be used for general corporate purposes.

Dev Accelerator, incorporated in 2020, reported a net profit of Rs 1.74 crore on a revenue of Rs 178.89 crore for the financial year ending March 31, 2025. In comparison, the previous year saw a net profit of Rs 0.43 crore on a revenue of Rs 110.73 crore. The company, which has operations across 11 cities in India, including major hubs like Mumbai and Hyderabad, aims to establish eight new centers.

The company competes against larger entities such as Awfis Space Solutions and Smartworks Coworking Spaces, which have recorded significantly higher revenues ranging from Rs 1,000 crore to Rs 1,200 crore. Despite this, Dev Accelerator's strategic positioning and planned expansion may enhance its market position. The company is expected to command a market capitalisation of Rs 550.14 crore post-IPO.

In terms of financial metrics, Dev Accelerator's competitors hold a significant advantage, but the potential for growth in the co-working space market presents opportunities for the company. As of May 2025, Dev Accelerator managed a total space of 8,60,522 square feet, indicating a substantial footprint in the industry.

The IPO has reserved up to 1,64,500 shares for employees and 3,29,000 shares for existing shareholders. Qualified institutional investors, non-institutional investors, and retail investors will have specific reservations as per standard regulatory requirements. The anchor book will open on September 9.