Dev Accelerator IPO opens today: Analysts suggest long-term buy; here's why

Dev Accelerator IPO: According to analysts at Anand Rathi Research, the company is positioning itself as a leading managed space operator in Tier-2 cities

Dev Accelerator IPO: The initial public offering (IPO) of Dev Accelerator, a flexible office spaces provider, opens for public subscription on September 10, 2025. At the upper end of the price band of ₹56 to ₹61, the company aims to raise ₹143.35 crore. The issue comprises a fresh issue of 23.5 million equity shares. There is no offer for sale (OFS) component. 

 

On Tuesday, September 9, the company raised ₹63 crore from anchor investors. Dev Accelerator has allotted 10.35 million equity shares at ₹61 per share to a group of 11 anchor investors, according to an exchange filing. Universal Sompo General Insurance Company, Abans Finance, Finavenue Capital Trust, Sunrise Investment Opportunities Fund, VPK Global Ventures Fund, Meru Investment, and Shine Star Build Cap were among the 11 investors who participated in the anchor book.

 

Dev Accelerator IPO grey market premium (GMP)

The unlisted shares of Dev Accelerator were trading at ₹70 in the grey market, up ₹9 or 14.75 per cent from the upper end price, according to sources tracking unofficial market activities.  ALSO READ | Shringar House IPO opens: Strong prospects, say analysts; should you bid?

Dev Accelerator IPO: Should you apply or not?

Anand Rathi Research - Subscribe for long-term

According to analysts at Anand Rathi, Dev Accelerator is positioning itself as a leading managed space operator in Tier-2 cities. With operations in four of the top seven Tier-1 markets and a strong presence across six Tier-2 locations, it consistently achieves high occupancy through quality service and strategic site selection.

 

Looking ahead, the company plans to expand in existing and new markets by adding four straight-lease centres totalling 664,692 sq. ft. over the next two years, while enhancing its presence in emerging regions, the brokerage said.

 

"At the upper end of the price band, the company is valued at 305x FY25 P/E and 3.5x P/S, with a post-issue market capitalisation of ₹5,501 million," it said in a note.

 

According to Anand Rathi Research, the company has expanded into HR, IT, and software services through Saasjoy to boost client retention and meet evolving tech needs. Through its associate Scaleax Advisory, it also supports GCCs in building teams in India with services like talent sourcing and payroll management. Given these factors, the IPO is considered fully priced, with a 'Subscribe - Long Term' recommendation.

Here are the key details of the Dev Accelerator IPO:

Dev Accelerator IPO is available at a price band of ₹56 to ₹61 per share, with a lot size of 235 shares. The minimum amount required by a retail investor to bid for the IPO is ₹14,335 at the upper end price. A retail investor can bid for a maximum of 13 lots or 3,055 shares, amounting to ₹1,86,355.

 

The three-day subscription window to bid for the issue will conclude on Friday, September 12, 2025. Following the closure of the subscription window, the basis of allotment of shares is likely to take place on Monday, September 15, 2025. Shares of Dev Accelerator are scheduled to make their D-street debut on Wednesday, September 17, by listing on the BSE and NSE.

 

Kfin Technologies is the registrar of the issue. Pantomath Capital Advisors is the sole book-running lead manager.

 

According to the red herring prospectus (RHP), the company plans to utilise the net fresh issue proceeds for capital expenditure for fit-outs in the proposed centres, and ₹35 crore for repayment of debt availed by the company, including redemption of non-convertible debentures. The remaining funds will be used for general corporate purposes.