Upcoming IPO: Dev Accelerator Eyes Big Expansion in Coworking Spaces with 2.47 Crore Shares Public Issue

Dev Accelerator Limited, promoted by Dev Information Technology Ltd, has filed for an Initial Public Offering (IPO). The company plans to use the funds raised to expand its coworking spaces.

About Dev Information Technology

Dev Information Technology Ltd, listed on the NSE (DEVIT) and BSE (543462), is a global IT services company. They offer cloud services, digital transformation services, enterprise applications, and managed IT services. The company owns a 22% stake in Dev Accelerator Ltd, which is estimated to be worth ₹100 crore.

IPO Details

The upcoming IPO includes a new offering of up to 2.47 crore equity shares, each with a face value of ₹2. The shares will be listed on the NSE and BSE.

Managers and Registrars

The IPO is managed by Pantomath Capital Advisors Private Limited, and KFIN Technologies Limited is the registrar.

Purpose of the IPO

The funds raised from the IPO will be used for:

• Setting up new coworking spaces and paying security deposits.
• Repaying or pre-paying certain debts, including redemption of non-convertible debentures (NCDs).
• General corporate purposes.

Financial Performance

Dev Accelerator reported a net profit of ₹0.437 crore in FY24 after making losses in previous years—₹12.8 crore in FY23 and ₹7.5 crore in FY22. The company highlighted a key risk, stating that while they became profitable in FY24 and generated positive cash flows in the last three fiscal years, they cannot guarantee that this profitability will continue.