Dev Accelerator Files IPO Draft Papers, To Sell 2.47 Crore Shares Via Fresh Issue

Dev Accelerator, the office space provider that operates under the brand name DevX, filed the draft red herring prospectus for an initial public offering on Monday. The company will sell a total of 2.47 crore shares through a fresh issue.

The total issue size is "up to 24,700,000 equity shares of a face value of Rs 2," the DRHP stated, without mentioning the overall amount that the company targets to raise.

The IPO will comprise only a fresh issue of shares, without any offer-for-sale component, the draft papers noted.

Pantomath Capital Advisors Pvt. will be the bookrunning lead manager for the issue, whereas KFIN Technologies Ltd. will be the registrar, it added.

DevX, which is the largest office space provider in Gujarat, will use the IPO proceeds to fuel its capital expenditure for "fit-outs in the new centres" and "for security deposits of the new centres."

The proceedings will also be utilised for "repayment and/or pre-payment" of certain borrowings availed by the company, including redemption of non-convertible debentures issued by it, the DRHP added.

A portion of the proceeds will also be used for general corporate purposes, it noted.

DevX, in the draft document, also shared its financials for the last three years. The company recorded revenue of Rs 108 crore in fiscal 2024, Rs 69.9 crore in fiscal 2023 and Rs 30.8 crore in fiscal 2022.

Its restated profit in the fiscal ended March 2024 stood at Rs 44 lakh, whereas it incurred a loss of Rs 12.8 crore in fiscal 2023 and a loss of Rs 7.5 crore in FY22.

DevX has opted for the IPO route at a time when India's primary market has been buzzing, with over 235 companies raising in excess of Rs 71,000 crore in this year so far.