Ahmedabad: The city-based Dev Accelerator Limited, a flex space provider company, has received Securities and Exchange Board of India (SEBI)’s nod to proceed with its plan for an Initial Public Offering (IPO) of equity shares. The IPO comprises a fresh issue of equity shares and no offer for sale.

As per the Draft Red Herring Prospectus (DRHP), the company proposes to utilize the net proceeds towards capital expenditure for fit-outs in the proposed centers; repayment and/or pre-payment, in full or part, of certain borrowings availed by the company, including redemption of non-convertible debentures issued by the company; and for general corporate purposes.

Since inception, DevX has established a presence in both Tier 1 and Tier 2 markets across India, including regions such as Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, Rajkot, and Vadodara as of January 31, 2025. The company’s comprehensive office space solutions include sourcing office spaces, customizing designs, developing spaces, providing technology solutions, and offering complete asset management. The number of operational centers of the company has grown from 9 operational centers in fiscal 2022 to 17 in fiscal 2023, and to 25 in fiscal 2024. As on January 31, 2025, the company has over 230 clients and 25 centers across 11 cities in India, with 13,140 seats covering a total area under management of 806,635 square feet. From February 1, 2025, the company has commenced operations at a new center in Pune. The company’s clients include domestic corporations and MNCs such as QX Global Services Private Limited, Nemetschek India Private Limited, Darwinbox Digital Solutions Private Limited, and Wipfli India LLP.

Notably, DevX reported a profit after tax of ₹4.37 million in FY 2023–24, with total revenue of ₹1,080.87 million. Pantomath Capital Advisors Private Limited is the sole Book Running Lead Manager. The company’s equity shares are proposed to be listed on the BSE and NSE.