Gujarat-based flexible office space providers, Dev Accelerator Ltd is looking to invest a portion of its ₹143 crore in expanding into new geographies including Sydney, one of the most populous cities in Australia.
“We will be adding about 9 lakh square feet of office spaces in the coming 1.5 years and we plan to use about ₹73 crore of the IPO proceeds towards capital expenditure for fit-outs for the proposed centres in Ahmedabad, Jaipur, Surat and Pune in India. Of these 9 lakh square feet, roughly 5 lakh square feet will go live this financial year. The remaining will go live next fiscal,” said Umesh Uttamchandani, managing director of the company while speaking to Friday. A significant portion of the new office spaces will be coming up in Ahmedabad (8 lakh square feet), Surat (25000 sq ft), Pune (40000) and Jaipur (40000).
Dev Accelerator is also expanding into Australia where it plans to open similar office space for two Indian clients who will be opening their offices in Sydney. “We have already signed an LoI for office space on York street in Sydney 4-5 months ago and paid the deposit. It is for a couple of clients who are expanding into Australia,” Uttamchandani said. The company has proposed to set up a 25000 square feet of carpet area of office space that will house 498 seats for clients. “The rentals for office space in Australia range between $8.5-10 per square feet, while in India we get under $2-3 per square feet in India,” he added.
Headquartered in Ahmedabad, the company currently manages 8.6 lakh square feet of office space (more than 14100 seats) for 250 clients across 11 cities including Delhi NCR, Mumbai, Pune, Ahmedabad, Gandhinagar, Hyderabad, Indore, Jaipur, Udaipur, Rajkot and Vadodara. The company had clocked a ₹158 crore revenue in fiscal 2025, of which 56 percent came from clients in IT/ITES sector, 14 percent from consulting services, 18 percent from real-estate and 9 percent from manufacturing sector.
Apart from the ₹73 crore of IPO proceeds that the company plans to use towards capital expenditure, ₹35 crore will be used for repayment of certain borrowings availed by the company and the remaining for general corporate purposes. The Dev Accelerator IPO will open on September 10 and will close on September 12.