Dev Accelerator IPO: Check out these details about IPO

Dev Accelerator Private Limited submits DRHP with SEBI and will be coming up with its IPO (Initial Public Offering). This public issue will be offering a 100% book-built offer. This upcoming IPO is offering an entirely new issue of up to 2.47 crore of equity shares, and there will be no offer for sale in this IPO. The total aggregate size of a public issue in rupees has not yet been disclosed, whereas the total no. of equity shares that will be issued is 24,700,000. The face value mentioned by the company is Rs 2 for each share. This new IPO issue is being made through the book-building process with a reservation of less than 75% of the new offer reserved for Qualified Institutional Investors, not more than 15% reserved for NII and not more than 10% reserved for Retail Individuals. The IPO open date and close date are also not yet disclosed by the company, whereas the price band at which you can bid for this IPO will announced soon.

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About Dev Accelerator Limited

Dev Accelerator Limited is a private incorporated company located in Ahmedabad, Gujarat. Its authorized capital is Rs 5 crore and the paid-up capital is INR 3.59 crore. The business mainly operates within the business services sector. For the fiscal year closing March 31, 2023, operating revenues of the company were within the range of INR 1 crore to 100 crores with an astonishing EBITDA growth of 113.37% and net worths growth of 165.22% over the year before. Well, when it comes to new startup nurturing through accelerator programs and co-working spaces, Dev Accelerator maintains its primary objective of yielding a better performance in innovation and entrepreneurship for India. Its registered office is at C-01, The First Commercial Complex, Vastrapur, Ahmedabad.

Dev Accelerator IPO Objectives

The company intends to utilise the net proceeds received from the fresh issue for capital expenditure related to fitouts in the new centres and security deposits for these centres up to Rs 68.96 crores. Additionally, up to Rs 30 crores will be used for the repayment or prepayment of certain borrowings, including the redemption of Non-Convertible Debentures (NCDs). The remaining proceeds will be directed towards general corporate purposes.

Financials of Dev Accelerator

For the FY ending March 2024, the company's assets increased by 45.6%, from Rs 282.42 crore in March 2023 to Rs 411.09 crore. Revenue saw a growth of 54.6%, rising from Rs 69.91 crore to Rs 108.09 crore. Profit After Tax improved, from a loss of Rs 12.83 crore in March 2023 to a positive Rs 0.44 crore in March 2024, indicating a turnaround in profitability. However, total borrowing also increased by 204.2%, from Rs 33.20 crore to Rs 101.05 crore, reflecting an increased reliance on external financing during the year.

Lead managers and Registrar of Dev Accelerator IPO

The IPO is managed by Pantomath Capital Advisors Private Limited, which is the book-running lead manager of this public issue. The company has appointed KFin Technologies Limited as the registrar for this public issue.

Promoters of Dev Accelerator

Umesh Uttamchandani, Parth Shah, Rushit Shah and Dev Information Technology Limited are the identifiable promoters (s) of the company. They collectively held 54.11% of the company's shares. However, post-IPO changes in their shareholding have not yet been disclosed.

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