Dev Accelerator to Launch IPO Worth Rs 1.25 Billion

08 Oct 2024 CW Team

The IPO consists entirely of a fresh issue of 20.47 million equity shares, each with a face value of Rs 2, and it intends to be listed on both the NSE and BSE. DevX plans to allocate Rs 680.95 million for fit-outs in new centers and for security deposits.

According to the draft red herring prospectus (DRHP) submitted to the markets regulator Sebi, Rs 300 million will be directed towards the repayment and/or prepayment of certain borrowings, either in full or in part.

The remaining funds are earmarked for general corporate purposes, which include strategic initiatives, strengthening marketing capabilities, brand-building exercises, and payment of lease liabilities, among other objectives. This capital infusion is expected to facilitate DevX's expansion into major cities such as Mumbai, Gurugram, Noida, Pune, Chennai, GIFT City, Ahmedabad, Vadodara, Rajkot, Surat, Goa, and Jaipur.

As of August 31, 2024, DevX operated 25 centres across more than 10 cities, including Ahmedabad, Vadodara, Hyderabad, Delhi, and Udaipur.

The collaboration between Dev Information Technology's expertise in digital transformation and DevX's flexible workspace solutions is expected to create a unique synergy, providing integrated solutions for enterprises aiming to improve operational efficiency.

Regarding the IPO, Pranav Pandya, the Founder and Chairman of Dev Information Technology, stated that this significant milestone highlights their commitment to the dynamic growth of the flexible workspace sector in India. He added that the funds raised would play a crucial role in accelerating DevX's expansion plans, allowing the company to enter new markets, enhance its infrastructure, and invest in technology that boosts efficiency.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

Dev Accelerator, a provider of flexible office spaces, has submitted a draft document to Sebi for launching its initial public offering (IPO) with the aim of raising approximately Rs 1.25 billion. The company is promoted by the listed entity Dev Information Technology. The IPO consists entirely of a fresh issue of 20.47 million equity shares, each with a face value of Rs 2, and it intends to be listed on both the NSE and BSE. DevX plans to allocate Rs 680.95 million for fit-outs in new centers and for security deposits. According to the draft red herring prospectus (DRHP) submitted to the markets regulator Sebi, Rs 300 million will be directed towards the repayment and/or prepayment of certain borrowings, either in full or in part. The remaining funds are earmarked for general corporate purposes, which include strategic initiatives, strengthening marketing capabilities, brand-building exercises, and payment of lease liabilities, among other objectives. This capital infusion is expected to facilitate DevX's expansion into major cities such as Mumbai, Gurugram, Noida, Pune, Chennai, GIFT City, Ahmedabad, Vadodara, Rajkot, Surat, Goa, and Jaipur. As of August 31, 2024, DevX operated 25 centres across more than 10 cities, including Ahmedabad, Vadodara, Hyderabad, Delhi, and Udaipur. The collaboration between Dev Information Technology's expertise in digital transformation and DevX's flexible workspace solutions is expected to create a unique synergy, providing integrated solutions for enterprises aiming to improve operational efficiency. Regarding the IPO, Pranav Pandya, the Founder and Chairman of Dev Information Technology, stated that this significant milestone highlights their commitment to the dynamic growth of the flexible workspace sector in India. He added that the funds raised would play a crucial role in accelerating DevX's expansion plans, allowing the company to enter new markets, enhance its infrastructure, and invest in technology that boosts efficiency.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Infrastructure Transport

06 Jul 2026

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Infrastructure Transport

06 Jul 2026

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..