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Dev accelerator's flat listing: What to know about flex workspace

Business

Dev Accelerator, a flexible workspace provider, just hit the stock market with shares debuting flat at ₹61—exactly matching its IPO price.
The company raised ₹143 crore through its public offering, which was a hot ticket: overall subscription came in at 64 times.

Think of Dev Accelerator as a 1-stop shop for modern office spaces

Think of Dev Accelerator as a one-stop shop for modern office spaces—they run 28 centers across 11 cities (mainly tier-II hubs like Ahmedabad and Jaipur), offering everything from office setup to IT support and payroll services.
With over 250 clients (including names like Zomato), they're operating at nearly 88% occupancy and managing more than 14,000 seats.

Revenue jumped from ₹69.9 crore in FY23 to ₹158.9 crore in FY25

Revenue jumped from ₹69.9 crore in FY23 to ₹158.9 crore in FY25, with strong EBITDA margins above 50%.
Still, actual profits are slim (₹1.8 crore) because of lease costs and interest payments.
The plan now? Use the IPO funds to slash debt (aiming to cut their debt-to-equity ratio from 2.4x to about 1x) and open eight new centers over the next two years as India's flex workspace scene keeps growing.