Flexible workspace provider Dev Accelerator is set to enter the public market with its Initial Public Offering (IPO), announcing a price band of Rs 56 to Rs 61 per share. The Ahmedabad-based company plans to raise up to Rs 143 crore through a fresh issue of 23.5 million equity shares.

IPO Details

Allocation Structure

The IPO allocation is structured as follows:

• 75% reserved for Qualified Institutional Buyers (QIBs)
• 15% for Non-Institutional Investors (NIIs)
• 10% for Retail Individual Investors (RIIs)

Company Overview

Dev Accelerator operates integrated workspace solutions across multiple cities in India, including Delhi NCR, Mumbai, Pune, and Ahmedabad. The company reported:

• Revenue: Rs 159.00 crore
• Profit After Tax: Rs 1.80 crore

Use of Proceeds

The funds raised through the IPO will be utilized for:

1. Capital expenditure for new centers
2. Debt repayment
3. General corporate purposes

Market Information

• Currently, there is no grey market premium for Dev Accelerator shares in the unlisted market.
• The shares are slated to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
• The tentative listing date is set for September 17.

Investors interested in the flexible workspace sector may find this IPO an opportunity to participate in the growing market for integrated workspace solutions. However, as with any investment decision, it is advisable to carefully review the company's prospectus and consult with financial advisors before making an investment.

Dev Accelerator, the company behind the popular DevX brand of flexible co-working spaces, has announced its plans to go public. The Initial Public Offering (IPO) is scheduled to launch on September 10, marking a significant milestone for the rapidly growing workspace solutions provider.

IPO Details

The company will be issuing 2.35 crore fresh shares as part of its IPO. The subscription period for the offering is set to run for three days, concluding on September 12. Investors can look forward to the following key dates:

• IPO Launch: September 10
• Subscription Period: September 10-12
• Share Allotment: September 15
• Listing on BSE and NSE: September 17

Pantomath Capital Advisors has been appointed as the book-running lead manager for the IPO, overseeing the entire process.

Company Overview

Dev Accelerator has established a strong presence in the co-working space sector, operating under the DevX brand. The company currently manages:

• 28 centers across 11 Indian cities
• Over 860,000 square feet of office space
• Serving more than 250 clients

Financial Performance

The company has demonstrated robust financial growth:

Expansion Plans

Dev Accelerator has outlined clear objectives for utilizing the IPO proceeds:

1. Capital expenditure for new centers
2. Debt repayment

The company's expansion strategy includes:

• Opening a new center in Surat, Gujarat
• Launching its first international center in Sydney, Australia

This move into the international market signifies Dev Accelerator's ambitions for global growth and its confidence in the co-working space model.

The upcoming IPO of Dev Accelerator reflects the growing interest in the flexible workspace sector, particularly in the wake of changing work dynamics post-pandemic. As businesses continue to adapt to hybrid work models, companies like Dev Accelerator are well-positioned to cater to the evolving needs of the corporate world.

Investors and market watchers will be keeping a close eye on this IPO, as it could provide insights into the market's appetite for companies in the co-working space sector.