Dev Information Technology Ltd. on Wednesday announced that its associate company, Dev Accelerator Limited, has filed the final Red Herring Prospectus (RHP) with SEBI for an initial public offering (IPO) of 23.5 million equity shares.
According to the company, the proposed IPO is expected to raise over ₹110 crore. The funds from the issue will be utilized for capital expenditure, repayment of borrowings, and general corporate purposes, providing the firm with a stronger financial footing to pursue expansion plans.
The IPO filing marks a significant milestone for Dev Accelerator Limited, which operates as a subsidiary of Dev Information Technology in the technology and services sector. The move is also seen as a key liquidity event for existing shareholders, while creating fresh opportunities for retail and institutional investors to participate in the company’s growth journey.
The exact timeline for the issue opening and price band announcement is expected to be finalized soon.
