Dev Accelerator Ltd Eyes Australia Expansion with ₹143 Crore IPO Plan.

Dev Accelerator Ltd, a Gujarat-based provider of flexible office spaces, is planning a ₹143 crore Initial Public Offering (IPO) to finance its expansion, including its first venture into the Australian market.

The company's managing director, Umesh Uttamchandani, stated in a Friday interview with BusinessLine that a significant portion of the IPO proceeds will be used for capital expenditure. "We will be adding about 9 lakh sq ft of office spaces in the coming 1.5 years," Uttamchandani said. "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 the total 9 lakh square feet, roughly 5 lakh square feet is expected to be operational this fiscal year, with the rest coming online in the next. The majority of this new space, approximately 8 lakh square feet, will be in Ahmedabad. Other locations include Surat (25,000 sq ft), Pune (40,000 sq ft), and Jaipur (40,000 sq ft).

Dev Accelerator is also expanding internationally, with plans to establish a 25,000-square-foot office space in Sydney, Australia. The facility, located on York Street, will offer 498 seats and cater to two existing Indian clients expanding their operations abroad. "We have already signed an LoI for office space on York street in Sydney 4-5 months ago and paid the deposit," Uttamchandani noted. He added that the company will face significantly higher rents in Australia, which range from $8.5-$10 per square foot, compared to the $2-$3 per square foot they earn in India.