Dev Accelerator, a major player in India’s flexible workspace industry, has refiled its Draft Red Herring Prospectus (DRHP) with SEBI to raise funds through a fresh issue of up to 2.75 crore equity shares of face value INR 2 each. The company is making a pure fresh issue with no OFS.
Dev Accelerator IPO: Offer Structure and Key Advisors
Dev Accelerator IPO is being managed by Pantomath Capital Advisors Private Limited as the Book Running Lead Manager and KFIN Technologies Limited as the Registrar. The equity shares will be listed on BSE and NSE. In addition, there is a reservation for shareholders of Dev Information Technology.
Dev Accelerator IPO: Utilization of Net Proceeds
The net proceeds from the IPO will be strategically allocated towards:
- INR 87.91 crore for capital expenditure on fit-outs in proposed centers.
- INR 40 crore for repayment or prepayment of existing borrowings and redemption of non-convertible debentures.
- A portion for general corporate purposes.
Dev Accelerator IPO: Business Overview
Dev Accelerator is one of the leading flexible workspace operators in India, with a presence in both Tier 1 and Tier 2 cities, including Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, Rajkot, and Vadodara. As of 31st January 2025, the company has 25 centers across 11 cities, managing 13,140 seats over 806,635 sq. ft. The company offers end-to-end office space solutions from finding locations to designing, building and managing workspaces.
Its offerings include:
- Managed office spaces for large businesses (100 to 500 seats) with fully customized design and operations.
- Coworking spaces for freelancers, startups, and remote workers looking for plug-and-play solutions.
- Design & build services, offered via subsidiary Neddle and Thread Designs LLP, for both internal and external office spaces.
- Payroll and facility management, including onboarding, payroll and compliance, IT, security, housekeeping, and stationery management.
- IT/ITeS services, such as software development, data analytics, cloud services, and digital marketing through Saasjoy Solutions Private Limited.
The company focuses on long-term managed space contracts with average lease tenures of 5–9 years and lock-in periods of 3.5–5 years, creating predictable revenue streams. Dev Accelerator plans to open 12 new centers with an estimated super built-up area of 1.07 million sq. ft. over the next two fiscals. Out of these, 8 centers (799,179 sq. ft.) will be developed using IPO proceeds under the straight-lease model.
The company has a strong client base of over 230 firms, including top names like QX Global, Nemetschek India, Darwinbox, and Wipfli. Its occupancy remains high, at 89.60% as of 31 January 2025.
Dev Accelerator IPO: Financial Highlights
Dev Accelerator has shown impressive growth in recent years. The Revenue CAGR between FY 2022 and FY 2024 is 87.08%, showcasing a strong growth trajectory.
| FY 2022 | FY 2023 | FY 2024 | H1 FY 2025 | |
| Revenue | 30.88 | 69.91 | 108.09 | 59.38 |
| EBITDA | 13.87 | 29.88 | 64.74 | 32.32 |
| EBITDA (%) | 44.91 | 42.74 | 59.90 | 54.43 |
| Net Income | (7.51) | (12.83) | 0.44 | 0.38 |
| Margin (%) | (23.95) | (17.98) | 0.39 | 0.52 |
| ROCE (%) | (9.57) | 3.65 | 17.31 | 12.00 |
| Debt/Equity | (6.53) | 27.17 | 3.51 | 2.33 |
| Occupancy Rate (%) | 80.80 | 80.85 | 83.09 | 85.49 |
Dev Accelerator IPO: Revenue Breakdown by Service
Managed spaces remain the company’s core revenue driver, accounting for over 68.5% in FY 2024 and 69.26% in H1 FY 2025. Other contributors include coworking, payroll, facility management, and IT/ITeS services.
| Segment | H1 FY2025 (INR Cr) | % of Revenue |
| Managed Space Services | 41.13 | 69.26 |
| Designing & Execution | 9.81 | 16.53 |
| Coworking Spaces | 5.36 | 9.02 |
| IT/ITeS Services | 1.13 | 1.91 |
| Payroll Management | 1.01 | 1.69 |
| Facility Management | 0.94 | 1.59 |
Key Changes in the New DRHP Filing
Increased Fresh Issue Size: The company has raised the fresh issue size from 2.47 crore to 2.75 crore equity shares, indicating a higher capital requirement for expansion.
Higher Allocation for Fit-Outs: Capital allocation towards fit-outs has gone up from INR 68.96 crore to INR 87.91 crore, reflecting a stronger push toward opening new co-working centers.
More Towards Debt Repayment: Loan repayment allocation has been increased from INR 30 crore to INR 40 crore, showing a shift towards strengthening the balance sheet.
Introduction of Reservations: New reservations have been added for eligible employees and eligible shareholders, with a possible discount for employees—this was not present in the earlier DRHP.
Dev Accelerator IPO: Conclusion
Dev Accelerator’s DRHP refiling is a big step towards raising funds from public markets to fuel its aggressive growth. With a presence in India’s emerging Tier 2 cities and a diversified service portfolio, the company is well poised to benefit from the shift toward flexible and managed workspaces in India.
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