Dev Accelerator Limited will launch its initial public offering (IPO) on Wednesday, September 10, 2025, with a price band set between Rs 56 and Rs 61 per equity share. The issue will close on Friday, September 12, 2025, while the anchor investor bidding is scheduled for Tuesday, September 9, 2025. Investors can bid for a minimum of 235 equity shares and in multiples thereof.

The IPO consists entirely of a fresh issue of equity shares aggregating up to Rs 1,433.50 million (Rs 143.35 crore at the upper end of the price band). There is no offer for sale component. The company plans to use the proceeds to fund capital expenditure for fit-outs in its proposed centers estimated at Rs 731.16 million (Rs 73 crore), repay or pre-pay certain borrowings including redemption of non-convertible debentures amounting to Rs 350 million (Rs 35 crore), and meet general corporate requirements.

Dev Accelerator provides flexible workspace solutions and is among the largest flex space operators in Tier-2 markets, according to a JLL report. Its business models include straight lease, revenue share, furnished by landlord, and OpCo–PropCo structures. As of May 31, 2025, the company had more than 250 clients and 28 centers across 11 cities in India, with 14,144 seats and a total managed space of 860,522 square feet.

The company’s equity shares, offered through a Red Herring Prospectus dated September 2, 2025, are proposed to be listed on both BSE and NSE, with NSE designated as the lead exchange. In FY25, Dev Accelerator reported revenue from operations of Rs 158.88 crore, up 47 percent from Rs 108.09 crore in FY24. Its restated profit after tax rose sharply to Rs 1.77 crore in FY25 from Rs 0.44 crore in the previous fiscal, while adjusted EBITDA stood at Rs 80.46 crore.

The IPO is being launched through the book-building process in accordance with SEBI ICDR regulations. Not less than 75 percent of the net issue will be allocated to qualified institutional buyers (QIBs), up to 15 percent to non-institutional investors, and up to 10 percent to retail individual investors. Allocations will also be made to eligible employees and shareholders under their respective reservation portions.

All bidders, except anchor investors, will be required to apply through the Application Supported by Blocked Amount (ASBA) mechanism, with UPI as an additional payment option for retail investors. Pantomath Capital Advisors Private Limited is acting as the sole book-running lead manager for the issue.