Office space provider Dev Accelerator refiles draft papers to raise funds via IPO, increases number of shares in fresh issue

Dev Accelerator IPO

Gujarat-based Dev Accelerator, which offers flexible office space solutions to corporates, has refiled preliminary papers with the SEBI to raise funds via initial public offering.

The IPO will consist of entirely fresh issue of 2.75 crore equity shares by the company, as per the draft papers filed on March 30, which increased from 2.47 crore shares earlier.

Earlier, Dev Accelerator had filed IPO papers on September 30, 2024, however, the capital markets regulator returned the draft document on February 5, 2025.

The office space provider that competes with listed entity Awfis Space Solutions intends to utilise Rs 87.91 crore out of net IPO proceeds for fit-outs in the proposed centers, Rs 40 crore for repaying debt, and the remainder for general corporate purposes.

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As of January 2025, the company that earned nearly 69 percent revenue from managed space services, has over 230 clients and 25 centers across 11 cities in India, with 13,140 seats covering a total area under management of 8.06 lakh square feet.

Promoters own 49.8 percent shareholding in the company and the remainder 50.2 percent shares are held by public shareholders.

Pantomath Capital Advisors will act as merchant banker for the issue.