Dev Accelerator Ltd IPO

Our business originally started as a limited liability partnership under the name and style of Dev Accelerator LLP on September 14, 2017 under the Limited Liability Partnership Act, 2008, pursuant to a certificate of incorporation issued by the RoC with Umesh Satishkumar Uttamchandani, Rushit Shardulkumar Shah, Parth Naimeshbhai Shah and Dev Information Technology Limited as its partners. Subsequently, Parashwanath Land Organisers LLP joined Dev Accelerator LLP on July 1, 2019. Pursuant to a No Objection Certificate and an Affidavit cum Declaration, from the erstwhile partners of Dev Accelerator LLP dated August 13, 2020, the limited liability partnership was converted into a private limited company and a certificate of incorporation dated September 5, 2020 was issued by the Registrar of Companies, Central Registration Centre under the name and style of `Dev Accelerator Private Limited'. Our Company was further converted into a public limited company pursuant to a special resolution passed by our Shareholders at the extra-ordinary general meeting held on July 12, 2024 and a fresh certificate of incorporation consequent upon conversion to public limited company dated September 3, 2024 was issued by the RoC. The name of our Company was changed to its present name, `Dev Accelerator Limited'.

Flex space operators are playing a crucial role in India's office markets. The top seven markets account for ~75-80% of the total office market activity in India. In 2024, flex space accounted for 20% of gross leasing, highlighting its growing significance. It is worth noting that the flex space stock has experienced significant growth, increasing from 18.6 mn sq. ft. in 2018 to 74.0 mn sq. ft. in 2024, with a CAGR of 26%. This translates to an overall office stock penetration of ~7.0% for the flex sector. Post-COVID, the flex segment has accounted for a 17-18% share of the annual gross leasing on average. Going forward, the trend of flex space expansion is expected to continue with the operational flex stock estimated to double over the next five years and reach ~129 mn sq. ft. by 2028. This projected growth reflects the sustained demand for flexible office solutions and the recognition of their value in meeting evolving workplace dynamics.

Our comprehensive office space solutions include sourcing office spaces, customizing designs, developing spaces and providing technology solutions to providing complete asset management. This means we not only create and manage office environments but also ensure that they operate efficiently, allowing our clients to focus on their core business activities. For this purpose, we ensure property upkeep, including regular cleaning, HVAC (heating, ventilation, and air conditioning) maintenance, plumbing, electrical systems, house keeping, administrative assistance, etc.