Dev Accelerator IPO

Dev Accelerator Ltd

₹13,160 /235 sharesMinimum Investment

Dev Accelerator IPO Details

Bidding DatesMin. InvestmentLot SizePrice Range
10 Sep ‘25 - 12 Sep ‘25₹13,160235₹56 - ₹61
Issue SizeIPO Doc
143.35Cr
RHP PDF

About Dev Accelerator

Dev Accelerator is an operator of flexible office spaces, with a significant presence in both Tier 1 and Tier 2 markets across India, including cities such as Delhi NCR, Hyderabad, Mumbai, Pune, and Ahmedabad. The company offers a range of office space solutions, including managed office spaces, coworking spaces, and design and execution services through its subsidiary, Neddle and Thread Designs LLP. Dev Accelerator also provides payroll management, facility management, and information technology and information technology-enabled services (IT/ITeS) via its subsidiary, Saasjoy Solutions Private Limited. As of May 31, 2025, Dev Accelerator operated 28 centres across 11 cities in India, managing over 860,522 square feet of office space with 14,144 seats. The company focuses on large corporates, multinational corporations (MNCs), and small and medium-sized enterprises (SMEs), offering tailored office solutions and ensuring property upkeep and operational efficiency.;
Founded in
2017
Managing director
Mr Umesh Satishkumar Uttamchandani
Parent organisation
Dev Accelerator Ltd

Strengths & Financials of Dev Accelerator

Strengths
Risks
Dev Accelerator claims to be one of the largest managed space operators in Tier 2 markets, with a strong operational footprint of nearly 0.6 million square feet and over 9,000 seats across cities like Ahmedabad, Indore, Jaipur, and Vadodara. The company is well-positioned to capitalise on the growing demand for flexible office spaces, particularly as the stock of flexible workspaces in Tier 2 cities has nearly tripled since 2021. This growth is supported by consistently high occupancy rates of 88 percent, indicating a strong market presence.
With operations in 11 cities across India and a total area under management of 860,522 square feet, Dev Accelerator claims to have established a broad market reach. The company maintains high occupancy rates across its centres, with an average occupancy of 87.19 percent as of May 31, 2025.
Dev Accelerator claims to offer fully customisable office spaces that enable businesses to establish their presence without significant upfront capital investment. The company’s integrated platform approach, supported by its in-house design and execution teams, ensures quality delivery within 90 to 120 days.
The company is ISO 9001:2015 certified for its quality management systems and ISO 27001:2022 certified for its information security management systems.
The company has witnessed a consistent increase in revenue from operations. It increased from Rs 69.91 crore in FY23 to Rs 108.09 crore in FY24 and Rs 158.87 crore in FY25.
The top 10 customers accounted for Rs 61.30 crore (38.58 percent) of the company’s revenue in FY25, Rs 40.19 crore (37.18 percent) in FY24, and Rs 26.52 crore (37.93 percent) in FY23. Any failure to retain these key customers or a loss of business from them could adversely affect the company’s business and financial standing.
A significant portion of Dev Accelerator’s new clients is acquired through brokers. They accounted for 714 new seats sold, representing 43.75 percent of the company’s total new seats sold in FY25, 1,662 (75.41 percent) in FY24, and 591 (19.45 percent) in FY23. Any adverse changes in the broker market, such as brokers gaining market share or competitors negotiating more favourable terms, could negatively impact the company’s cash flows and results of operations. Increased reliance on broker-facilitated acquisitions could also lead to elevated commission expenses, further affecting profitability.
Ahmedabad accounted for Rs 48.28 crore (30.39 percent) of the company’s total revenue in FY25, Rs 37.59 crore (34.78 percent) in FY24, and Rs 24.21 crore (34.63 percent) in FY23. This heavy reliance on a single region exposes the company to risks associated with economic fluctuations, competitive pressures, or demographic changes in Gujarat, any of which could significantly impact its revenue and overall financial performance.
The company reported negative cash flow from investing activities amounting to Rs 38.01 crore in FY25, Rs 40.86 crore in FY24, and Rs 24.06 crore in FY23. Additionally, negative cash flow from financing activities amounted to Rs 52.92 crore in FY25 and Rs 3.66 crore in FY23. The company also reported a net decrease in cash and cash equivalents amounting to Rs 1.24 crore in FY23. If cash outflows continue to exceed inflows in the future, the company may face liquidity challenges.
The company derives a significant portion of its revenue from clients in the IT/ITeS sector. They accounted for Rs 88.74 crore (55.86 percent) of the company’s revenue in FY25, Rs 94.02 crore (86.99 percent) in FY24, and Rs 57.01 crore (81.55 percent) in FY23. Any downturn or slowdown in this industry could lead to reduced demand for flexible office spaces, which would adversely affect the company’s occupancy rates, revenue, and overall financial condition.
Dev Accelerator has experienced high employee attrition rates in the last three years. It stood at 13.09 percent in FY25, 52.74 percent in FY24, and 33.71 percent in FY23. Any further increase in attrition could lead to higher recruitment and training costs, disrupting operations and potentially impacting profitability.
Dev Accelerator derives a significant portion of its revenue from the managed office space segment. It accounted for Rs 93.37 crore (58.77 percent) of the company’s revenue in FY25, Rs 74.03 crore (68.50 percent) in FY24, and Rs 35.31 crore (50.51 percent) in FY23. Any decline in demand for this service, due to market saturation, increased competition, or other unforeseen factors, could negatively impact the company’s revenue growth.
The company and one of its promoters are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
Dev Accelerator derives a significant portion of its revenue from the straight lease model. It accounted for 40.06 percent of the company’s revenue in FY25, 47.38 percent in FY24, and 34.10 percent in FY23. This heavy reliance on the straight lease model means that any changes in landlord preferences or unfavourable lease terms could adversely affect the company’s profitability, expansion prospects, and financial stability.
As of May 31, 2025, the company had financial indebtedness of Rs 127.57 crore. Any failure to service or repay these loans can hit the company’s operations and financial position.

Dev Accelerator Financials

*All values are in Rs. Cr
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Application Details of Dev Accelerator IPO

Apply asPrice bandApply upto
Regular56 - 61₹2 Lakh
High Networth Individual56 - 61₹2 - 5 Lakh
For Dev Accelerator IPO, eligible investors can apply as Regular.