Dev Accelerator raises over Rs 63 crore from 11 anchor investors, IPO to open on September 10

Dev Accelerator (DevX) in its filing to exchanges said it has finalised allocation of 1,03,52,925 equity shares to anchor investors at Rs 61 per share.

Dev Accelerator, the flexible workspace solutions provider, has raised Rs 63.15 crore from 11 institutional investors via anchor book on September 9, a day prior to the IPO launch for the public.

The Rs 143.35-crore initial public offering (IPO), which consists of solely fresh issue of 2.35 crore shares, will open on September 10 for three days with price band of Rs 56-61 per share.

Dev Accelerator (DevX) in its filing to exchanges said it has finalised allocation of 1,03,52,925 equity shares to anchor investors at Rs 61 per share.

Institutional investors participated in the anchor book on Tuesday included Universal Sompo General Insurance Company, Finavenue Capital Trust, Sunrise Investment Opportunities Fund, Meru Investment Fund, SB Opportunities Fund, Vbcube Ventures Fund, and Venus Stellar Fund.

The Ahmedabad-based company intends to spend Rs 73.1 crore of the net IPO funds for fit-outs in the proposed centers. Further, Rs 35 crore will be utilised for repayment of borrowings and the remainder proceeds for general corporate purposes.

As of May 2025, DevX has total borrowings of Rs 127.6 crore in its books, on consolidated basis.

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With presence in Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, Rajkot and Vadodaraas, Dev Accelerator has over 250 clients and 28 centers with 14,144 seats covering a total area under management of SBA 8.6 lakh square feet, competing with large listed peers like Awfis Space Solutions, Smartworks Coworking Spaces, and Indiqube Spaces.

Pantomath Capital Advisors is acting as the merchant banker for the Dev Accelerator IPO.