Ahmedabad: Dev Accelerator Limited shall open its Bid / Issue in relation to its initial public offer (IPO”) of Equity Shares on Wednesday, September 10, 2025, the company announced on Friday.

As per an official press release, “the Anchor Investor Bidding Date shall be Tuesday, September 09, 2025. The Bid/Issue will open on Wednesday, September 10, 2025 for subscription and will close on Friday, September 12, 2025. Bids can be made for a minimum of 235 Equity Shares and in multiples of 235 Equity Shares thereafter. The Price Band of the Issue has been fixed at ₹56 to ₹61 per Equity Share.”

“The total Issue size of Equity Shares with face value ₹2 each comprises of fresh issue of Equity Shares aggregating up to ₹1,433.50 million. There is no Offer for Sale (OFS) component. The company proposes to utilize the net proceeds from the fresh Issue towards (a) Capital expenditure for fit-outs in the Proposed Centers estimated to ₹731.16 million [₹73 crore]; (b) Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company including redemption of non-convertible debentures estimated to ₹350 million [₹35 crore]; and (c) balance towards general corporate purposes,” the statement further said.

As per the statement,” the company offers space solutions in the form of flexible workspaces to their clients. They are one of the largest flex space operators in terms of operational flex stock in Tier 2 markets (Source: JLL report). The company source and procure workspaces through the Straight Lease Model, Revenue Share Model, Furnished by Landlord model and the OpCo – PropCo Model. As on May 31, 2025, company have over 250 clients and 28 Centers across 11 cities in India, with 14,144 seats covering a total area under management of SBA 860,522 square feet.”

The Equity Shares offered through the Red Herring Prospectus of the Company dated September 02, 2025 filed with Registrar of Companies, Gujarat at Ahmedabad (“ROC”), SEBI and Stock Exchanges are proposed to be listed on BSE and NSE. For the purposes of the Issue, NSE is the Designated Stock Exchange.