Dev Accelerator's ₹143 Crore IPO Fuels Ambitious Expansion

Gujarat-based flexible workspace provider Dev Accelerator Ltd is planning a ₹143 crore Initial Public Offering (IPO) to support its rapid expansion, including its first international foray into Australia.

According to Managing Director Umesh Uttamchandani, the company will allocate approximately ₹73 crore from the IPO proceeds towards capital expenditure, primarily for fit-outs at upcoming centres in Ahmedabad, Jaipur, Surat, and Pune. "We aim to add around 9 lakh sq ft of office space over the next 18 months," he said in an interview with BusinessLine.

Of the planned expansion, 5 lakh sq ft is expected to be operational within the current fiscal year. Ahmedabad will see the largest share of this growth with 8 lakh sq ft, followed by Surat (25,000 sq ft), Pune (40,000 sq ft), and Jaipur (40,000 sq ft).

As part of its global strategy, Dev Accelerator is also set to launch a 25,000 sq ft flexible office space in Sydney, located on York Street. The Australian centre, offering 498 seats, will serve two existing Indian clients expanding overseas. “We signed a letter of intent 4–5 months ago and have already paid the deposit,” Uttamchandani confirmed.

While entering a new market, the company is also navigating a different cost structure. Office rentals in Australia range between $8.5–$10 per sq ft, compared to $2–$3 per sq ft revenue generated in India.

News by Rahul Yelligetti.