Dev Accelerator Files Draft IPO Papers With Sebi
The IPO consists entirely of a fresh issue of 2.47 crore equity shares with a face value of Rs 2
Dev Information Technology, a global information technology (IT) services company providing cloud services, digital transformation, enterprise applications, and managed IT services filed its draft red herring prospectus for an initial public offering (IPO).
Dev IT is a promoter and one of the largest shareholders of Devx, a flex space operator in Tier 2 markets.
The IPO consisted entirely of a fresh issue of 2.47 crore equity shares with a face value of Rs 2. The shares will be listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
Devx proposed to utilise the net proceeds of Rs 68.95 crore for fit-outs in the new centres and their security deposits, while Rs 30 crore will go towards the repayment of certain borrowings availed by the firm.
The remaining amount will be allocated for general corporate purposes, including, without limitation, strategic initiatives, strengthening marketing capabilities and brand building exercises, payment of lease liabilities, acquisition of fixed assets, business development initiatives, etc.
This capital infusion will enable 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 centres in more than 10 cities, including Ahmedabad, Vadodara, Hyderabad, Delhi, and Udaipur. The expansion enabled by the IPO proceeds will further solidify its position as a major player in the managed office space segment, wishing it will cater more clients.
The collaboration between Dev IT's expertise in digital transformation and Devx flexible workspace solutions creates a unique synergy, offering integrated solutions for enterprises looking to enhance operational efficiency.
