Dev Accelerator, a leading provider of flexible workspace solutions in India, made a flat debut on the stock exchanges on Wednesday, September 17, 2025. Dev Accelerator shares opened at ₹61 on the NSE, marginally above the issue price of ₹61. On the BSE, shares listed at ₹61.3, up 0.5 per cent from the IPO price, reflecting steady investor interest. Post-listing, the stock traded at ₹64 on NSE and ₹63.99 on BSE, marking modest gains of 4–5 per cent.
Strong Investor Appetite
The ₹143.35-crore Dev Accelerator IPO saw robust demand, with the issue being oversubscribed 63.97 times. Institutional investors demonstrated significant confidence, with the Qualified Institutional Buyers (QIBs) portion subscribed 20.3 times, non-institutional investors (NIIs) 87.97 times, and retail investors 164.72 times.
The IPO comprised a fresh issue of 23.5 million equity shares, priced in the band of ₹56–61. Subscriptions for the public issue opened on September 10, 2025, and closed on September 12, 2025, highlighting strong participation across investor categories.
Company Overview
Founded in 2017, Dev Accelerator specialises in offering flexible workspace solutions, ranging from individual desks to customised office setups with exclusive access. The company sources workspaces through multiple models, including the Straight Lease Model, Revenue Share Model, Furnished by Landlord Model, and OpCo–PropCo Model.
Dev Accelerator operates across both Tier 1 and Tier 2 cities in India, including Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, Rajkot, and Vadodara. As of May 2025, the company manages 28 centres, serves over 250 clients, and provides 14,144 seats across a total space under management of 860,522 square feet.
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Utilisation of IPO Proceeds
According to the company’s red herring prospectus (RHP), the net proceeds from the IPO will be used to fund capital expenditure for fit-outs in proposed centres, repay ₹35 crore of debt, including redemption of non-convertible debentures, and support general corporate purposes.
Market Position and Outlook
Dev Accelerator has carved a niche in India’s growing flexible workspace sector, offering solutions that cater to the evolving demands of businesses seeking scalable office infrastructure. Its presence in multiple cities and diverse leasing models positions the company to leverage opportunities in both established and emerging markets.
The company’s strong IPO subscription underscores investor confidence in Dev Accelerator’s growth story and its ability to scale operations across India. While the stock debuted flat, its steady performance on the listing day reflects the market’s recognition of the company’s robust fundamentals.
Conclusion
The listing of Dev Accelerator marks a significant development in India’s flexible workspace sector. With a successful IPO, solid investor demand, and a comprehensive footprint across Tier 1 and Tier 2 cities, Dev Accelerator is poised to strengthen its presence in the evolving commercial real estate landscape.
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