Dev Accelerator plans Rs 125 crore IPO amid high demand for flexible office space
Dev Accelerator Ltd, which provides flexible office space, has filed a draft with Sebi to launch its initial public offering (IPO) to raise around Rs 125 crore.
Dev Accelerator (DevX) is promoted by the listed organization Dev Information Technology Ltd.
DevX’s IPO is an entirely new issue of 2.47 crore equity shares (face value of Rs 2), with plans to list on both NSE and BSE. The company proposes to spend Rs 68.95 crore for “fit-out” of the new facilities and their security deposits.
It proposes to spend Rs 30 crore on repayment and/or prepayment (full or partial) of other borrowings, according to the draft red herring prospectus (DRHP) filed with market regulator Sebi.
The rest of the money will be allocated for general business purposes, including strategic plans, strengthening marketing skills and product development training, payment of lease payments, among others.
This capital infusion will allow DevX to expand its footprint in major cities, including Mumbai, Gurugram, Noida, Pune, Chennai, GIFT City, Ahmedabad, Vadodara, Rajkot, Surat, Goa, and Jaipur.
As of August 31, 2024, DevX had 25 centers in over 10 cities, including Ahmedabad, Vadodara, Hyderabad, Delhi, and Udaipur.
The collaboration between Dev IT experts in digital transformation and DevX’s flexible workplace solutions creates a unique synergy, providing integrated solutions for businesses seeking to improve efficiency.
On the IPO, Pranav Pandya, Founder and Chairman of Dev Information Technology Ltd, said, “This milestone underscores our commitment to the dynamic growth of the flexible work space sector in India.” The funds raised will be useful in accelerating DevX’s expansion plans, enabling it to enter new markets, improve infrastructure, and invest in technology that drives efficiency, he said.
