DevX has filed a draft with SEBI to launch an Initial Public Offering (IPO) aimed at raising INR 125 crore through a fresh issue of 2.47 crore equity shares with a face value of INR 2. The IPO will be listed on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). A significant portion of the funds, INR 68.95 crore, will be allocated for fit-outs in new centres and security deposits. Additionally, INR 30 crore will go towards repaying borrowings, while the remaining amount will support general corporate purposes, facilitating expansion into key cities.
Dev Accelerator Ltd (DevX), a subsidiary of the listed company Dev Information Technology Ltd, offers flexible office spaces across India. By August 31, 2024, DevX operated 25 centres in more than 10 cities, including Ahmedabad, Vadodara, Hyderabad, Delhi, and Udaipur. The partnership between Dev IT's digital transformation expertise and DevX's flexible workspaces creates a strong collaboration, providing integrated solutions for businesses aiming to improve operational efficiency.
DevX has filed a draft document with SEBI to raise around INR 125 crore through an Initial Public Offering (IPO). The IPO consists of a fresh issue of 2.47 crore equity shares with a face value of INR 2 per share. The company plans to list its shares on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
The funds from the IPO will be used for several purposes. A portion of INR 68.95 crore will be allocated for setting up fit-outs in new centres and making security deposits. Another INR 30 crore will go towards repaying or prepaying certain borrowings. The remaining funds will be directed towards general corporate activities, including marketing, strategic initiatives, lease liabilities, and brand-building efforts.
This funding will enable DevX to expand its operations into new cities such as Mumbai, Gurugram, Noida, Pune, Chennai, and GIFT City, as well as Ahmedabad, Vadodara, Rajkot, Surat, and Jaipur.
The investment will also strengthen its infrastructure and technological capabilities, driving further growth in the competitive flexible workspace market.
Pranav Pandya, Founder & Chairman of Dev Information Technology Ltd, emphasised that the IPO marks an important step in supporting the growth of the flexible workspace sector in India. He added that the funds will help DevX expand into new markets, improve infrastructure, and invest in technology to boost efficiency.
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