Dev Information Technology Limited (Dev IT), a prominent player in the IT services industry, has announced that its promoted company, Dev Accelerator Limited (DevX), has filed draft papers for an Initial Public Offering (IPO). The move aims to fuel the expansion of DevX’s coworking spaces across major Indian cities. Dev IT is one of the largest shareholders in DevX, which is positioned as a leading flex-space operator in Tier 2 markets.
The proposed IPO includes a fresh issue of 2.47 crore equity shares and plans to list on both the NSE and BSE. The proceeds from the IPO will be utilized for expansion, repayment of borrowings, and other corporate initiatives. DevX is set to expand its footprint in cities like Mumbai, Gurugram, Pune, and others, with 25 operational centers currently in place across India.
Strategic Use of Proceeds
- ₹68.95 crore will be allocated for fit-outs and security deposits at new centers.
- ₹30 crore will be used for debt repayment.
- Remaining funds will support strategic initiatives, marketing, and technology investments.
The synergy between Dev IT’s expertise in digital transformation and DevX’s coworking solutions will provide enterprises with enhanced operational efficiency. This IPO is expected to bolster DevX’s financial and operational capabilities, enabling the company to further cement its position in the growing coworking market.
