Dev Accelerator shares make quiet debut; list at par versus IPO price

Shares of Dev Accelerator made a flat listing at Dalal Street on Wednesday, September 17. The stock was listed at par at ₹61 per share, at the issue price on both NSE and BSE.

The listing was lower than expectations as the company's shares traded at a premium of ₹6 in the unlisted market, implying a gain of 10% on listing.

The IPO, which included solely fresh issue of 2.35 crore shares, sold its shares in a fixed price band of ₹56-61 per share.

Dev Accelerator already garnered ₹63.15 crore from 11 institutional investors, including Universal Sompo General Insurance Company, Finavenue Capital Trust, Sunrise Investment Opportunities Fund, Meru Investment Fund, SB Opportunities Fund, Vbcube Ventures Fund, and Venus Stellar Fund.

The Ahmedabad-based company intends to spend ₹73.1 crore of the net IPO funds for fit-outs in the proposed centers. Further, ₹35 crore will be utilised for repayment of borrowings and the remainder proceeds for general corporate purposes.

Company overview

Dev Accelerator is one of the largest flex space operators in terms of operational flex stock in Tier 2 markets. Since their inception, they have established a presence in both Tier 1 and Tier 2 markets across India, including Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, Rajkot, and Vadodara as of May 31, 2025.

As of May 31, 2025, they serve over 250 clients across 28 centers in 11 Indian cities, managing 14,144 seats over 860,522 sq. ft. of space.

Revenues surged 47% year-on-year to ₹1,59 crore in FY25, while consolidated profit after tax stood at ₹1.8 crore, up from ₹40 lakh in FY24. The turnaround follows heavy losses in FY23. Despite growth, margins remain thin, with PAT margin at just 1.1%.