Dev Accelerator Limited Reports IPO Proceeds Utilization for Q3FY26
Dev Accelerator Limited utilized Rs. 31.89 crore from its Rs. 143.35 crore IPO proceeds during Q3FY26, primarily for capital expenditure (Rs. 25.47 crore) and NCD repayments (Rs. 6.42 crore). The company has now utilized Rs. 87.44 crore in total, with Rs. 39.94 crore remaining unutilized and deployed across fixed deposits and bank accounts. The monitoring agency reported no deviations from stated objectives.
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Dev Accelerator Limited has filed its quarterly monitoring agency report with stock exchanges, providing detailed insights into the utilization of proceeds from its Initial Public Offering (IPO) during the quarter ended December 31, 2025.
IPO Proceeds Overview
The company raised Rs. 143.35 crore through its public issue in September 2025, issuing 235,00,000 equity shares at Rs. 61.00 per share. After deducting issue-related expenses of Rs. 15.97 crore, the net proceeds available for utilization stood at Rs. 127.38 crore.
| Particulars | Amount (Rs. crore) |
|---|---|
| Total IPO Proceeds: | 143.35 |
| Issue Related Expenses: | 15.97 |
| Net Proceeds Available: | 127.38 |
Q3FY26 Utilization Details
During Q3FY26, Dev Accelerator Limited utilized Rs. 31.89 crore from the IPO proceeds across its stated objectives. The primary allocation was towards capital expenditure for fit-outs in proposed centers, which received Rs. 25.47 crore during the quarter.
| Object | Amount Proposed (Rs. crore) | Utilized in Q3FY26 (Rs. crore) | Total Utilized (Rs. crore) | Unutilized (Rs. crore) |
|---|---|---|---|---|
| Capital expenditure for fit-outs: | 73.12 | 25.47 | 33.18 | 39.94 |
| NCD repayments: | 35.00 | 6.42 | 35.00 | 0.00 |
| General Corporate Purposes: | 19.26 | 0.00 | 19.26 | 0.00 |
| Total: | 127.38 | 31.89 | 87.44 | 39.94 |
Capital Expenditure Activities
The company's capital expenditure of Rs. 25.47 crore during Q3FY26 was primarily directed towards furniture, civil work, and fit-out activities. Major payments totaling Rs. 18.90 crore were made to three key vendors:
- PHA Enterprise Private Limited
- Aditi Air Conditioning
- Jaliyan Enterprises
These expenditures were related to Capital One and Ahmedabad Center 10 site development, with some invoices pertaining to periods prior to the IPO issue.
Debt Repayment Progress
The company completed its objective of repaying non-convertible debentures (NCDs) during Q3FY26. Out of the total repayment of Rs. 6.91 crore towards NCD redemption, Rs. 6.42 crore was funded from IPO proceeds, completing the Rs. 35.00 crore allocation for this purpose.
Deployment of Unutilized Funds
As of December 31, 2025, the remaining Rs. 39.94 crore of unutilized IPO proceeds were strategically deployed across various instruments to optimize returns:
| Investment Type | Amount (Rs. crore) |
|---|---|
| ICICI Bank Fixed Deposits: | 13.89 |
| HDFC Bank Fixed Deposits: | 12.12 |
| Axis Bank Fixed Deposits: | 10.50 |
| Current Account Balance: | 3.51 |
| Public Issue Account: | 2.20 |
| Monitoring Agency Account: | 1.29 |
| Total: | 43.51 |
Monitoring Agency Assessment
Infomerics Valuation and Rating Limited, serving as the monitoring agency, certified that the utilization of IPO proceeds was in compliance with the prescribed purposes mentioned in the offer document. The agency reported no material deviations from the objects disclosed in the offer document and confirmed that all utilization aligned with stated objectives.
The monitoring was supported by a CA certificate dated January 28, 2026, issued by Nisarg J Shah & Co., Chartered Accountants, which also serves as the company's statutory auditor. The certificate verified that IPO proceeds utilization during Q3FY26 complied with prescribed purposes as outlined in the offer document.
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