Subscribe for Dev Accelerator Ltd IPO; Anand Rathi

Anand Rathi, Dev Accelerator Ltd

Dev Accelerator Limited is one of the largest flex space operators in terms of operational flex stock in Tier 2 markets. Since their inception, they have established a presence in both Tier 1 and Tier 2 markets across India, including Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, Rajkot, and Vadodara as of May 31, 2025. Their comprehensive office space solutions cover sourcing, design customization, space development, technology integration, and complete asset management. They manage day-to-day operations— including cleaning, HVAC, plumbing, electrical systems, housekeeping, and administrative support—so clients can focus on core business activities. As of May 31, 2025, they serve over 250 clients across 28 centers in 11 Indian cities, managing 14,144 seats over 860,522 sq. ft. of space. Their clientele includes large corporates, MNCs, and SMEs, to whom they provide flexible office solutions such as managed offices, coworking spaces, and design/execution services through their subsidiary, Neddle and Thread Designs LLP.

Valuation and Outlook

Additionally, via its associate Scaleax Advisory Private Limited, it helps GCCs build global teams in India by providing facility and payroll management, as well as recruitment solutions like talent sourcing, AI-based screening, and team augmentation. Considering these factors, the IPO is viewed as fully priced, warranting a “SUBSCRIBE – LONG TERM” recommendation.