Dev Accelerator Files Revised IPO Draft Papers With SEBI

Gujarat-based Dev Accelerator has refiled its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on March 30, 2025. The company, which offers flexible workspace solutions across India, aims to raise funds through an Initial Public Offering (IPO) consisting entirely of a fresh issue of 2.75 crore equity shares. This is an increase from the 2.47 crore shares proposed in its earlier filing.

Previous Submission and Return

Dev Accelerator had initially filed IPO papers on September 30, 2024, which were returned by SEBI on February 5, 2025. The latest filing includes revised figures and new components.

Use of Proceeds

The net proceeds from the IPO will be allocated as follows:

Business Operations

As of January 31, 2025, Dev Accelerator operates 25 centres in 11 cities with a total area under management of 8.06 lakh sq. ft. and 13,140 seats. The company earns approximately 69% of its revenue from managed space services and has a client base of over 230 companies.

The company plans to open 12 new centres over the next two years, covering 1.07 million sq. ft. Of these, 8 centres (799,179 sq. ft.) will be developed using IPO proceeds.

Changes in DRHP

Major updates in the new filing include:

• Increase in fresh issue size
• Higher allocation towards fit-outs
• Greater allocation for debt repayment
• Introduction of reservations for eligible employees and shareholders

IPO Details

• Lead Manager: Pantomath Capital Advisors Private Limited
• Registrar: KFIN Technologies Limited
• Stock Exchanges: BSE and NSE

Promoters currently hold 49.8%, with public shareholders owning 50.2%.

Conclusion

Dev Accelerator has revised its IPO plans with updated financial allocations and expanded issue size. The IPO will be a book-built issue, with the exact issue price and dates yet to be announced.

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