Gujarat-based flexible office space provider Dev Accelerator has refiled its draft papers with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The latest filing, submitted on March 30, outlines an expanded fresh issue of 2.75 crore equity shares, up from the previously proposed 2.47 crore shares.

This marks the company’s second attempt at securing SEBI approval, following an earlier IPO filing on September 30, 2024, which the regulator returned on February 5, 2025. The office space provider, a competitor to Awfis Space Solutions, plans to allocate Rs 87.91 crore from the IPO proceeds for fit-outs in its upcoming centres. An additional Rs 40 crore is earmarked for debt repayment, while the remainder will be directed toward general corporate purposes.

Dev Accelerator has established a strong foothold in India’s coworking industry, with over 230 clients and 25 centres spanning 11 cities as of January 2025. The company’s managed space services contribute nearly 69% of its revenue, with 13,140 seats under management, covering 8.06 lakh square feet.

Promoters hold a 49.8% stake in the company, while public shareholders own the remaining 50.2%. Pantomath Capital Advisors has been appointed as the merchant banker for the IPO, guiding Dev Accelerator in its renewed bid to go public.