DEV Accelerator announces the price band for his IPO. Check GMP and other details

Flexible workspace provider DEV Accelerator has set the price band for his upcoming IPO on RS 56 to RS 61 per share. The IPO will be opened for a subscription on 10 September and will close on 12 September. The company currently has no GMP in the Non -Genotated Market, which so far indicated Moderate Buzz for the IPO, although this could change closer to the launch.

The company established in Ahmedabad is planning to collect RS 143 Crore through a new edition of 23.5 million shares. At the top of the price band, the IPO appreciates the company on a market capitalization after the edition of approximately RS 550 Crore.

According to the company’s prospectus, bids can be made for a minimum party size of 235 shares, which translates to RS 13.160 at the lower tire and RS 14,335 at the top band. Retail investors can request a maximum of 13 lots, while HNIS and institutional investors will have higher bidding limits.

According to the allocation structure, 75% of the range is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIS) and 10% for retail investors. In addition, employees and existing shareholders of DEV Information Technology have reserved quota.

Company background

DEV Accelerator positions himself as an integrated supplier of the workspace solutions, catering for companies, start-ups and private individuals. The range varies from individual agencies to adapted offices with exclusive access for customers. The company works through various models for purchasing assets, including a straight lease, income share, furnished by the landlord and OPCO Propco.

It is aggressively extended to both Tier-1 and Tier-2 markets, with a footprint in Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, Rajkot and Vadodara. The services relate to design, development, technology integration and end-to-end assets management.

Industrial context

The IPO comes at a time when the Indian flex room sector witnesses strong growth. According to data in the industry, flexible workplaces accounted for 20% of the gross leasing in 2024 at the top seven office markets of India. Flex Space shares extended from 18.6 million m² in 2018 to 74 million m² in 2024, a CAGR of 26%, which underlines the rising significance of the sector.

Finance and IPO proceeds

DEV Accelerator has reported steady growth in recent years. Sales increased to RS 159 Crore in FY25, while the profit after the tax has multiple to RS 1.8 Crore rose compared to FY24 levels.

The company plans to use the IPO revenue for capital expenditures for new centers and reimbursement of certain loans, together with the financing of general business purposes.

Pantomath Capital Advisors acts as the lead manager of the book, while KFIN Technologies is the registrar of the issue. Shares are mentioned on both BSE and NSE, with a provisional list scheduled for September 17.

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