Dev Accelerator Unveils IPO Plans: Fresh Share Issuance Set for September 10
Dev Accelerator, the company behind DevX co-working spaces, plans to go public with an IPO launching on September 10. The offering includes 2.35 crore fresh shares with a three-day subscription period ending September 12. The company operates 28 centers across 11 Indian cities, managing over 860,000 square feet of office space. Dev Accelerator reported revenue of Rs 159.00 crore and profit after tax of Rs 1.80 crore for FY24 to FY25. IPO proceeds will fund new center expansions, including one in Surat and an international center in Sydney, Australia.
*this image is generated using AI for illustrative purposes only.
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:
| Metric | FY24 to FY25 |
|---|---|
| Revenue | Rs 159.00 crore |
| Profit After Tax | Rs 1.80 crore |
Expansion Plans
Dev Accelerator has outlined clear objectives for utilizing the IPO proceeds:
- Capital expenditure for new centers
- 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.
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