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₹61 - 61
Dev Accelerator Ltd
Co-WorkingIPO
₹61 - 61
Our comprehensive office space solutions include sourcing office spaces, customizing designs, developing spaces and providing technology solutions to providing complete asset management. This means we not only create and manage office environments but also ensure that they operate efficiently, allowing our clients to focus on their core business activities. For this purpose, we ensure property upkeep, including regular cleaning, HVAC (heating, ventilation, and air conditioning) maintenance, plumbing, electrical systems, house keeping, administrative assistance, etc.
Lot235Min Invest₹14,335Face Value₹2Issue Size₹143 CrFresh Issue₹143 CrListing Price₹61CMP₹40
Timeline
10 Sept
Bidding opens
12 Sept
Bidding closes
15 Sept
Allotment
16 Sept
Refund & demat credit
17 Sept
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹143 Cr2.35 Cr shares
Fresh Issue₹143 Cr
Face Value₹2
Lot Size235 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retail₹14,3351-13 lots
sNII₹2,00,690from 14 lots
bNII₹10,03,450from 70 lots
Managers & Registrar
Lead ManagerPantomath Capital Advisors Pvt Ltd
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group49.8%36.8%Public50.2%63.2%
Objects of the Issue
- Capital exp for fit outs in the new Centres and for security deposits of the new Centres
- Repayment and /or pre-payment in full or part of certain borrowings availed by the company including redemption of NCDs
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 70 | 108 | 159 | 226 | 224 |
| Operating ProfitCr | 30 | 65 | 81 | 109 | 113 |
| OPM% | 42.6 | 59.8 | 50.7 | 48.4 | 50.5 |
| PBTCr | -16 | -9 | 3 | 16 | 16 |
| PATCr | -13 | 0 | 2 | 9 | 10 |
| EPS | -11,490 | 0 | 0 | 1 | 1 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 0 | 0 | 13 | 18 | - |
| ReservesCr | -2 | 25 | 38 | 164 | - |
| BorrowingsCr | 235 | 325 | 386 | 370 | - |
| Fixed AssetsCr | - | - | 294 | 261 | - |
| Total AssetsCr | 282 | 411 | 540 | 644 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 26 | 8 | 94 | 90 | - |
| Investing Cash FlowCr | -24 | -41 | -66 | -121 | - |
| Financing Cash FlowCr | -4 | 33 | -25 | 49 | - |
| Net Cash FlowCr | -1 | 0 | 3 | 18 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Leadership position as one of one of the largest managed space operator in Tier 2 markets well positioned to capture industry tailwinds and growth prospects for the flexible workspace sector in India.
- Pan-India presence with consistently high occupancy rates across our Centers.
- Customer-centric business model with an integrated platform approach.
- Delivering strong financial and operating metrics.
- Experienced Promoters and management team with deep industry expertise.
Strategies · as stated in the DRHP
- Expansion into new and existing markets.
- Enhance our client offerings.
- Enhancing our asset procurement strategy.
- Leveraging the potential of Global Capability Centres.
- Our Service Offerings.
- Our network.
Risks · as stated in the DRHP
- We incurred a loss of Rs. 128.30 million during Fiscal 2023, and reported negative EPS. While we turned PAT positive in Fiscal 2024, we cannot assure you that we will sustain profitability going forward. Our inability to sustain profitability by generating higher revenues and managing expenses may have an adverse effect on our business, results of operations, cash flows and financial condition.
- We do not own the land and buildings at any of our Centers. Any defect in the title and ownership of the land and building where our Centers are located may result in our Centers being shut down, result in relocation costs for us and termination of our Client Agreement, which may adversely impact our results of operations and profitability.
- We acquired 43.69% of the paid-up equity share capital of Janak Urja Private Limited (JUPL), one of our Associates and Group Companies, in pursuance of our PropCo-OpCo model and if we fail to realise the financial benefit of such investments, it could have a material adverse effect on our business, financial condition, cash flows and results of operations. Further, we may fail to successfully make acquisitions or investments, and we may not be able to successfully integrate acquisitions or achieve the anticipated benefits from these acquisitions or investments that we make.
- Our success largely depends on our ability to identify the preferred buildings/ properties in preferred locations and sourcing such Centers at the right rate of rental and other commercial terms. We intend to allocate an aggregate of Rs.731.16 million of the Net Proceeds towards capital expenditure for fit-outs in the 4 (four) Proposed Centers, out of which we have not entered into any agreements for 2 (two) of the Proposed Centers. Any failure to do so will adversely affect our business, cash flows, results of operations and profitability.
- Our top 10 customers contributed to 38.58%, 37.18% and 37.93% of our revenue from operations and our top 20 customers contributed to 54.13%, 53.53% and 53.33% of our revenue from operations for the Fiscals 2025, 2024 and 2023, respectively. Any decrease in revenues or sales from any one of our key customers may adversely affect our business and results of operations.
- Our Managing Director is involved in a venture which is in the same line of business as that of our Company.