Dev Accelerator IPO Subscribed 5.33 Times | Strong Investor Demand

The initial public offer (IPO) of Dev Accelerator has received strong demand. By 5 PM on 11 September 2025, the IPO got bids for 21.14 crore shares against only 1.31 crore shares on offer, making it subscribed 5.33 times.

IPO Details

• Bidding period: 10–12 September 2025
• Price band: ₹56–₹61 per share
• Lot size: Minimum 235 shares and multiples thereafter
• Fresh issue: 2.35 crore equity shares of ₹2 each

Use of Funds

The company plans to use the IPO money for:

• ₹73.11 crore for new center fit-outs
• ₹35 crore to repay or prepay borrowings and debentures
• Remaining for general corporate purposes

About Dev Accelerator

Dev Accelerator provides flexible workspace solutions like desks and custom offices.

• It operates in 11 cities with 14,144 seats across 8.6 lakh sq. ft.
• Serves 250+ clients, with 55% revenue from IT/ITES companies
• Business model: asset-light leases with ~87% occupancy
• Promoted by Parth Shah, Umesh Uttamchandani, and team
• Plans to expand with 4 new centers

Financials

• FY25 total income: ₹158.88 crore
• Net profit: ₹1.74 crore

Anchor Investment

On 9 September 2025, the company raised ₹853.87 crore from 59 anchor investors by allotting 8.29 crore shares at ₹103 each.