DevX Poised for Expansion with Upcoming IPO

Dev Accelerator Ltd, promoted by Dev Information Technology Ltd, is launching an IPO to raise Rs 125 crore for office expansions. The funds will cover new center fit-outs, debt payments, and corporate purposes. DevX plans to grow in major Indian cities through this capital infusion.

Dev Accelerator Ltd, known for its flexible office spaces, has filed a draft document with the Securities and Exchange Board of India (Sebi) to initiate its initial public offering (IPO), aiming to raise approximately Rs 125 crore.

The company, referred to as DevX and promoted by Dev Information Technology Ltd, intends to list entirely fresh shares amounting to 2.47 crore equity shares on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). A significant portion, Rs 68.95 crore, is earmarked for 'fit-outs' and security deposits at new locations.

Additionally, Rs 30 crore will be allocated for repaying and/or prepaying existing borrowings. The remainder of the funds will support general corporate purposes, including strategic initiatives, marketing, and technological enhancements, enabling expansion into cities like Mumbai and Chennai. This step marks a pivotal moment for the flexible workspace sector in India, accelerating DevX's growth and market entry strategy.

(With inputs from agencies.)