Dev Accelerator
Book Building issueMainboardBSE₹143 Cr issue
+0.49%
Listing gain over issue price
Issue size
₹143 Cr
1 lot at cut-off
₹14,335
Lot size
235shares
Open
10 Sep 2025
Close
12 Sep 2025
Allotment
15 Sep 2025
Listing
17 Sep 2025
Listing performance
Issue price
₹61
Listed at
₹61.30
Listing-day close
₹64.36
Latest price
₹41.66
Close on 12 Oct 2026
Listing gain
+0.49%
Return since issue
-31.70%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 10 Sep 2025 – 12 Sep 2025
- Listing date
- 17 Sep 2025
- Face value
- ₹1 per share
- Issue price
- ₹61 per share
- Lot size
- 235 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹143 Cr
- Market cap at offer price
- ₹550 Cr
- Promoter holding
- 49.80% → 36.80% pre-issue → post-issue
- ISIN
- INE0VOV01021
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Pantomath Capital Advisors Pvt.Ltd.
- Registered office
- C-01, The First Commercial Complex, behind Keshavbaug Party Plot, Vastrapur, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 1,03,52,925 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 235 shares per lot, in multiples, at ₹61
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 235 | ₹14,335 |
| Retail (max) | 13 | 3,055 | ₹1,86,355 |
| S-HNI (min) | 14 | 3,290 | ₹2,00,690 |
| S-HNI (max) | 69 | 16,215 | ₹9,89,115 |
| B-HNI (min) | 70 | 16,450 | ₹10,03,450 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
1,03,52,925
Anchor portion
₹63.15 Cr
at ₹61 per share
Valuation and performance
Valuation at offer price
₹61 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 0.26 | 0.19 |
| P/E (×) | 234.62 | 321.05 |
| Price to book (×) | 7.94 | — |
| Market cap | — | ₹550 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 3.24%
- ROCE
- 25.95%
- Debt / equity
- 2.39
- PAT margin
- 1.00%
- EBITDA margin
- 50.64%
- NAV per share
- ₹7.68
- Price to book
- 7.94
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Dev Accelerator
Dev Accelerator Limited was originally established as a limited liability partnership in 2017 and converted to a private limited company in 2020, then to a public limited company in 2024. The company is a flexible workspace operator offering fully furnished office spaces with shared amenities and services to clients ranging from individual desks to customized office configurations. The company sources properties through multiple models including Straight Lease, Revenue Share, Furnished by Landlord, and OpCo-PropCo arrangements. As of May 31, 2025, the company operates 28 Centers across 11 cities in India with 14,144 seats covering 860,522 square feet. The company generates revenue through membership fees from workspace occupancy and service offerings across Tier 1 and Tier 2 cities including Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, Rajkot, and Vadodara.
Company Analysis
from RHPDev Accelerator Limited operates flexible workspaces and co-working spaces across India, providing comprehensive office space solutions from sourcing and customization to asset management for clients.
Dev Accelerator Limited was originally established as a limited liability partnership in 2017 and converted to a private limited company in 2020, then to a public limited company in 2024. The company is a flexible workspace operator offering fully furnished office spaces with shared amenities and services to clients ranging from individual desks to customized office configurations. The company sources properties through multiple models including Straight Lease, Revenue Share, Furnished by Landlord, and OpCo-PropCo arrangements. As of May 31, 2025, the company operates 28 Centers across 11 cities in India with 14,144 seats covering 860,522 square feet. The company generates revenue through membership fees from workspace occupancy and service offerings across Tier 1 and Tier 2 cities including Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, Rajkot, and Vadodara.
Flexible workspace and co-workingReal estate servicesOffice space solutionsManaged workspace operations
Objects of the Issue
- Capital expenditure for fit-outs in the Proposed Centers 731.16 p.31
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company including redemption of non-convertible debentures 350.00 p.31
- General corporate purposes p.31
- Funding capital expenditure for fit-outs for Proposed Centers under the straight-lease model p.55
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company including redemption of non-convertible debentures p.126
- General corporate purposes p.126
- Capital expenditure for fit-outs in the Proposed Centers ₹731.16 million p.126
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company including redemption of non-convertible debentures issued by our Company ₹350.00 million p.126
- General corporate purposes p.126
- Establishment of 4 new Centers under the straight-lease model in India with a total estimated super built-up area of 664,692 sq. ft. p.221
- Funding capital expenditure towards fit-outs for Proposed Centers p.381
- Repayment and/or pre-payment of certain borrowings including redemption of non-convertible debentures p.381
Issue Structure
- Total Issue
- Up to 23,500,000 Equity Shares of face value of ₹2 each aggregating up to ₹ [●] million
- Fresh Issue
- Fresh issue of up to 23,500,000 Equity Shares of face value of ₹2 each aggregating up to ₹ [●] million
- Offer for Sale
- Not Applicable
- Price Band
- [●] per Equity Share (Floor Price) to [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹2 each
Business Model
The company earns revenue primarily through flexible workspace operations, offering fully furnished office spaces with amenities and services to clients. Revenue is generated from membership fees and occupancy-based charges. The company sources spaces through various models: Straight Lease Model where it directly leases from space owners, Revenue Share Model where it shares revenues with space owners, Furnished by Landlord model where landlords provide furnished spaces, and OpCo-PropCo Model for property development and operations. As of Fiscal 2025, over 55% of revenue comes from IT/ITES industry clients.
Business Segments
Provides fully furnished managed office spaces with shared amenities and services including HVAC maintenance, cleaning, plumbing, electrical systems, housekeeping, and administrative assistance to clients ranging from individual desks to customized office spaces
Leasing managed office spaces to large organizations with long-term lease tenures of 5-9 years and lock-in periods of 3.5-5 years
Providing flexible coworking space solutions to clients
Design and build services for workspace setup
Payroll management services
Facility management and other operational services
Information technology and IT-enabled services
Operating managed flexible workspace centers providing customizable office solutions to businesses through multiple models (straight lease, revenue share, furnished by landlord) with integrated facility management services
Tailored office solutions for large businesses including domestic companies and MNCs, with customized design, fit-outs, and management; lease tenures of 5-9 years with lock-in periods of 3.5-5 years
Ready-to-move workspace solutions available by day, week, month or year for freelancers, start-ups, SMEs and large corporates, with offerings including private cabins, dedicated desks, individual desks, and manager cabins
Comprehensive design and execution solutions for developing the company's own centers as well as external commercial offices of clients, typically for office spaces of 7,000 to 8,000 sq. ft., provided through Subsidiary Neddle and Thread Designs LLP
End-to-end solutions from employee onboarding to exit, using employee management software to streamline payroll processing, compliance, and statutory requirements
Comprehensive facility management services including dedicated IT infrastructure, housekeeping, valet parking, security services, stationery management, and other operational support services
Software development solutions, cloud services, data analytics services, and digital marketing services provided through Subsidiary Saasjoy Solutions Private Limited
Flexible workspace and co-working solutions in major metropolitan markets
Flexible workspace and co-working solutions in emerging metropolitan markets
Customized office spaces tailored for large businesses seeking office set-ups, ranging from 100 to 500 seats, including customised design, developing spaces, and management of workspace environments for enterprises.
Ready-to-use workspaces allowing individuals to use any available desk, promoting a collaborative work environment, ideal for freelancers, start-ups, and remote workers seeking adaptability and networking opportunities.
Comprehensive design and build solutions for developing Centers as well as developing external commercial offices of clients, provided through Subsidiary Neddle and Thread Designs LLP.
End-to-end solutions from employee onboarding to exit, using employee management software to streamline payroll processing, compliance, and statutory requirements.
Dedicated IT infrastructure, housekeeping, valet parking, security services, and stationery management designed to support clients' operational needs and enhance their overall workplace experience.
Software development solutions, cloud services, data analytics services, digital marketing, provided through Subsidiary Saasjoy Solutions Private Limited.
Provides rental of flexible workspaces and managed office spaces across multiple cities
Provides design and construction/fit-out project execution services acting as a contractor
Provides payroll processing and related compliance services including PF, ESI, TDS filings bundled as a single service
Provides facility management and other ancillary services
SWOT Analysis
Strengths
- • Long-term lease commitments provide stable, predictable revenue stream(p.54)
- • Managed office space segment dominance with consistent growth trajectory(p.54)
- • Increasing client base with 661 clients as of Fiscal 2025, up from 441 in Fiscal 2024(p.54)
- • Minimal customer-facing service issues with no material client complaints impacting reputation(p.59)
- • Improving payment collection with average delay declining from 23 days to 19 days(p.55)
- • Leadership position as largest managed space operator in Tier 2 markets(p.140)
- • Strong occupancy rates across operational centers(p.140)
- • Pan-India presence across 11 cities with significant operational footprint(p.140)
- • Customer-centric business model with customizable office spaces and zero capital expenditure for customers(p.140)
- • Rapid growth in operational metrics(p.140)
- • Strong revenue growth and EBITDA margins(p.144)
- • Leadership position as largest managed space operator in Tier 2 markets with strong occupancy(p.219)
- • Pan-India presence across 11 cities with consistent high occupancy rates(p.219)
- • Rapid revenue growth of 50.75% CAGR with improving profitability(p.220)
- • Experienced promoters with 21+ years cumulative experience in flexible workspace sector(p.220)
- • Customer-centric business model enabling zero capex for clients(p.220)
- • Diversified client base with 250+ clients including major corporates and MNCs(p.220)
- • Strong operational metrics with CAGR growth of 23.67% in centers and 16.34% in seats(p.220)
- • Rapidly expanding flex space operator in India with strategic market presence(p.227)
- • Leading operator in Tier 2 markets with significant seat capacity(p.227)
- • Strong geographic presence with 28 operational centers across 11 cities(p.227)
- • High occupancy rates indicating strong customer demand(p.230)
- • Diversified client portfolio spanning multiple industries(p.230)
- • Tech-enabled project management for operational efficiency(p.230)
- • Significant experience and stable management team(p.229)
- • Quality certifications demonstrating operational excellence(p.234)
- • Comprehensive one-stop workspace solutions platform(p.359)
- • Strong presence across geographies with established infrastructure(p.359)
- • Diversified client base across corporates, MNCs and SMEs(p.359)
- • High revenue growth trajectory(p.361)
- • Strong recurring revenue base from managed office contracts(p.360)
- • Improving profitability(p.361)
Weaknesses
- • No ownership of land and buildings; dependent on space owner agreements(p.44)
- • Recent profitability achieved after FY2023 loss; sustainability uncertain(p.43)
- • High customer concentration among top clients(p.47)
- • Geographic concentration: 30.39% of revenue from single city (Ahmedabad)(p.49)
- • Significant losses in Janak Urja PropCo investment; unproven OpCo-PropCo model(p.46)
- • Managing Director has competing business interests(p.47)
- • Negative cash flows from investing and financing activities(p.50)
- • High dependence on managed office space segment creating revenue concentration risk(p.54)
- • Significant capital expenditure requirements under straight-lease model bearing all fit-out costs(p.56)
- • High fixed costs with limited ability to reduce during demand downturns(p.65)
- • Geographic concentration with 42.55% of revenue from Gujarat as of Fiscal 2025(p.62)
- • Promoter litigation creating potential governance and operational risks(p.70)
- • Working capital requirements have increased significantly requiring external financing(p.56)
- • History of delays in statutory dues payments creating compliance risk(p.61)
- • Unsecured borrowings of ₹383.71 million can be recalled at any time by lenders(p.64)
- • Significant leverage with debt-to-equity ratio of 2.39(p.144)
- • Concentration of revenue in limited markets(p.140)
- • History of losses in prior years affecting net worth(p.144)
- • Dependence on straight lease model for growth(p.128)
- • Dependence on top 10 clients for 38.58% of revenue(p.220)
- • High debt-to-equity ratio of 2.39 times creating financial leverage risk(p.218)
- • Declining EBITDA margins from 59.90% to 50.64% indicating margin compression(p.218)
- • Heavy exposure to OpCo-PropCo model with significant equity and debt investments in associates(p.223)
- • Moderate net profitability with profit representing only 1% of total income(p.218)
- • High employee attrition impacting operational continuity(p.233)
- • Insufficient insurance coverage relative to total assets(p.234)
- • Dependence on real estate space leasing arrangements creating operational risk(p.234)
- • Concentrated revenue dependence on limited centers(p.227)
- • High financial leverage and debt burden(p.361)
- • Significant lease liability obligations(p.323)
- • Weak cash position relative to obligations(p.317)
- • Limited profitability and thin margins on absolute basis(p.361)
- • Negative working capital position(p.288)
- • Increasing credit impairment provisions(p.316)
- • Contingent GST liabilities(p.341)
Opportunities
- • Significant growth potential in flex space market; expected to double by 2028(p.31)
- • Expansion into Tier 2 cities with growing infrastructure and talent(p.52)
- • Planned expansion to 4 new centers with ₹731.16 million capex allocation(p.46)
- • Flex space reached 20% of gross leasing in 2024; growing market segment(p.31)
- • Expansion into 4 new Centers with 664,692 sq.ft. total SBA in emerging markets(p.55)
- • Growing demand for flexible workspace solutions as industry adapts to work culture shifts(p.75)
- • International expansion with planned entry into Sydney, Australia(p.63)
- • Growing IT/ITes services revenue stream with ₹81.83 million in Fiscal 2025 (new offering)(p.54)
- • Increasing occupancy levels in straight-lease centers showing operational improvement(p.60)
- • Rapid urbanization driving demand for flexible workspace(p.164)
- • India's demographic dividend with young working population(p.163)
- • Expansion into new markets and increased operational centers(p.140)
- • Growth in India's economy and services sector(p.160)
- • Favorable regulatory environment for real estate sector(p.164)
- • Increased FDI and PE inflows into real estate sector(p.165)
- • Massive growth potential in flex market expanding at CAGR of 26% with projection to double by 2028(p.219)
- • Significant untapped opportunity in Tier 2 cities with flex stock tripled since 2021(p.221)
- • Expansion opportunity with Global Capability Centres expected to cross 2,350 units with 300 mn sq ft occupancy(p.223)
- • Strategic expansion into new markets including international presence in Australia(p.221)
- • Opportunity to enhance service offerings with IT/ITeS services achieving 5.15% revenue contribution(p.222)
- • Design & Build market TAM growing to INR 195,000-200,000 million by 2029 from current 120,000-130,000 million(p.208)
- • Substantial growth potential in Tier 2 markets with emerging demand(p.227)
- • Expansion into new geographic markets(p.227)
- • Strong sustained growth in flexible workspace sector post-pandemic(p.229)
- • Increasing client base and seat utilization driving revenue growth(p.230)
- • OpCo-PropCo model enabling asset-light growth strategy(p.228)
- • Direct sales channel effectiveness reducing customer acquisition costs(p.230)
- • Expansion into growing flex space markets(p.359)
- • Growing demand for flexible workspace solutions in Tier 2 markets(p.359)
- • Diversification into new service offerings(p.360)
- • Growth in design and execution services(p.361)
Threats
- • Intense competition from larger MNCs and regional players(p.52)
- • High industry concentration in IT/ITES sector (>55% of revenue)(p.51)
- • Dependence on brokers for client acquisition; pricing pressure risk(p.48)
- • First IPO; no prior public market for shares; uncertain post-listing price(p.44)
- • Economic slowdown in IT industry and global economy could reduce demand(p.51)
- • Risk of city/regional adverse developments impacting Ahmedabad-concentrated revenue(p.49)
- • Economic downturns reduce corporate budget spending and workspace demand(p.75)
- • Rising competition in flexible workspace sector from landlords and other operators(p.73)
- • Client default risk particularly among startup and SME customer base(p.69)
- • Remote and hybrid working models reducing demand for physical office spaces(p.74)
- • Regulatory changes and compliance requirements affecting operational flexibility(p.67)
- • Client termination risk with increasing terminations in co-working segment (56 in FY2025)(p.55)
- • Mismatch between landlord lease durations (5-9 years) and client lease periods (1-9 years)(p.59)
- • Rising occupancy cost pressures due to inflation and fixed lease obligations(p.66)
- • Global trade tensions and economic uncertainty(p.157)
- • Global growth slowdown projected to decline from 3.3% to 2.8%(p.156)
- • Competition from large-scale operators in the flexible workspace sector(p.146)
- • Significant competition from other co-working and flexible space providers(p.146)
- • Dependence on capital expenditure for expansion and fit-outs(p.126)
- • Currency and FX risks affecting operations(p.161)
- • Economic volatility and cyclical downturns impacting tenant demand and occupancy levels(p.206)
- • Highly competitive flex market with numerous global and domestic operators competing on pricing(p.207)
- • Real estate market fluctuations affecting space availability and rental costs(p.207)
- • Lease commitment mismatch risk with long-term landlord leases vs flexible tenant terms(p.207)
- • Risk of tenant churn and occupancy pressure in dynamic market conditions(p.207)
- • Evolving landlord-flex operator dynamic creating potential contractual conflicts(p.207)
- • Intense competition from multiple established and new market players(p.232)
- • Price wars and margin compression due to competitive pressures(p.233)
- • Demand-supply imbalance creating pricing pressure in submarkets(p.233)
- • Regulatory risks from information technology and data protection laws(p.235)
- • Exposure to business interruption and disaster risks(p.234)
- • High interest rate environment increasing financing costs(p.326)
- • Rising operational costs including employee and service expenses(p.326)
- • Intense competition in flexible workspace market(p.43)
- • Economic cyclicality affecting corporate real estate spending(p.43)
- • Customer concentration risk(p.334)
- • Dependency on lease agreements and location risks(p.43)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Parth Naimeshbhai Shah | Promoter | 9.30% | — |
| Umesh Satishkumar Uttamchandani | Promoter | 9.30% | — |
| Rushit Shardulkumar Shah | Promoter | 9.30% | — |
| Jaimin Jagdishbhai Shah | Promoter | — | — |
| Pranav Niranjan Pandya | Promoter | — | — |
| Amisha Jaimin Shah | Promoter | — | — |
| Kruti Pranav Pandya | Promoter | — | — |
| Dev Information Technology Limited | Corporate Promoter | 21.90% | — |
| Dev Information Technology Limited | Promoter/Corporate Promoter | — | — |
| Rushit Shardulkumar Shah | Promoter | — | — |
| Umesh Satishkumar Uttamchandani | Promoter | — | — |
| Parth Naimeshbhai Shah | Promoter | — | — |
| Dev Information Technology Limited | Promoter | 21.90% | — |
| Rushit Shardulkumar Shah | Promoter | 9.30% | — |
| Parth Naimeshbhai Shah | Promoter | 9.30% | — |
| Umesh Satishkumar Uttamchandani | Promoter | 9.30% | — |
| Parth Naimeshbhai Shah | Promoter | — | — |
| Umesh Satishkumar Uttamchandani | Promoter | — | — |
| Rushit Shardulkumar Shah | Promoter | — | — |
| Parth Naimeshbhai Shah | Promoter/Chairman and Whole-time Director | Director since incorporation, holds equity shares as per shareholding pattern | — |
| Umesh Satishkumar Uttamchandani | Promoter/Managing Director | Director since incorporation, holds equity shares as per shareholding pattern | — |
| Rushit Shardulkumar Shah | Promoter/Whole-time Director | Director since incorporation, holds equity shares as per shareholding pattern | — |
| Dev Information Technology Limited | Corporate Promoter | Holds equity shares as per shareholding pattern | — |
| Dev Information Technology Limited | Promoter | 21.90% | — |
| Mr. Umesh Satishkumar Uttamchandani | Promoter | 9.30% | — |
| Mr. Parth Naimeshbhai Shah | Promoter | 9.30% | — |
| Mr. Rushit Shardulkumar Shah | Promoter | 9.30% | — |
| Parashwanath Land Organisers LLP | Promoter Group | 11.46% | — |
| Parth Naimeshbhai Shah | Promoter | — | — |
| Umesh Satishkumar Uttamchandani | Promoter | — | — |
| Rushit Shardulkumar Shah | Promoter | — | — |
| Jaiminbhai Jagdishbhai Shah | Promoter | — | — |
Leadership
Parth Naimeshbhai Shah · Chairman and Whole-Time Director
Umesh Satishkumar Uttamchandani · Managing Director
Rushit Shardulkumar Shah · Whole-Time Director
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.