Dev Accelerator targets ₹125 crore IPO as demand for flexible office spaces soars – Backed by Dev Information Technology

Dev Accelerator Ltd, a company that provides flexible office spaces, has submitted a draft to SEBI for its Initial Public Offering (IPO) to raise about ₹125 crore. Dev Accelerator (DevX) is backed by Dev Information Technology Ltd, which is already a listed company.

The IPO will be a fresh issue of 2.47 crore equity shares, each valued at ₹2. The company plans to list its shares on both the NSE and BSE. From the funds raised, ₹68.95 crore will be used for setting up new centres and paying security deposits.

Additionally, ₹30 crore will go towards repaying or partly paying off some of the company’s loans, as mentioned in the draft red herring prospectus (DRHP) submitted to SEBI.

The rest of the money will be used for general corporate purposes like boosting marketing efforts, strengthening the brand, paying lease liabilities, and other strategic activities.

With this funding, DevX aims to grow its presence in cities such as Mumbai, Gurugram, Noida, Pune, Chennai, GIFT City, Ahmedabad, Vadodara, Rajkot, Surat, Goa, and Jaipur.

As of 31st August 2024, DevX has 25 centres in more than 10 cities, including Ahmedabad, Vadodara, Hyderabad, Delhi, and Udaipur. The company benefits from the partnership between Dev IT’s digital transformation expertise and DevX’s office space solutions, providing unique services to businesses looking to improve their operations.

Commenting on the IPO, Pranav Pandya, Founder & Chairman of Dev Information Technology Ltd, said this milestone reflects their dedication to the fast-growing flexible workspace industry in India. He added that the funds would help DevX enter new markets, improve its infrastructure, and invest in technology to enhance efficiency.