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Dev Accelerator (DevX) is promoted by listed entity Dev Information Technology Ltd. (Photo: Shutterstock)
Dev Accelerator Ltd, which provides flexible office space, has filed a draft document with Sebi to launch its initial public offering (IPO) to raise around Rs 125 crore.
Dev Accelerator (DevX) is promoted by listed entity Dev Information Technology Ltd.
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The DevX IPO is entirely a fresh issue of 2.47 crore shares (face value Rs 2), with plans to list on both the NSE and BSE. The company proposes to use Rs 68.95 crore for ‘fit-ups’ of the new centers and their security deposits.
It proposes to use Rs 30 crore for repayment and/or prepayment (in whole or in part) of certain borrowings, according to the draft red herring prospectus (DRHP) filed with markets regulator Sebi.
The remaining amount will be allocated for general corporate purposes including strategic initiatives, marketing capacity building and brand building exercises, payment of rental debts, among others.
This capital infusion will enable DevX to expand its presence in major cities including Mumbai, Gurugram, Noida, Pune, Chennai, GIFT City, Ahmedabad, Vadodara, Rajkot, Surat, Goa and Jaipur.
As of August 31, 2024, DevX has 25 centers in over 10 cities, including Ahmedabad, Vadodara, Hyderabad, Delhi and Udaipur.
The collaboration between Dev IT’s digital transformation expertise and DevX’s flexible workspace solutions creates a unique synergy, offering integrated solutions to businesses looking to improve their operational efficiency.
Commenting on the IPO, Pranav Pandya, Founder and Chairman, Dev Information Technology Ltd, said, “This significant milestone underlines our commitment to the dynamic growth of the flexible workspace sector in India.
The funds raised will help accelerate DevX’s expansion plans, allowing it to enter new markets, improve infrastructure and invest in efficiency-enhancing technology, it said.
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First publication: October 5, 2024 | 1:29 p.m. STI