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.

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.

Equipment

07 May 2026

LEWA Enhances ecoflow LDH Boxer Pump With 20% Higher Performance

LEWA GmbH has upgraded its LEWA ecoflow LDH Boxer (LDHB) process pump with a 20% increase in performance, enabling operators to improve efficiency without increasing equipment size or system costs.The enhanced LDHB pump now delivers hydraulic power of 46 kW, up from 38 kW previously. According to the company, at a flow rate of 2,200 litres per hour, the maximum discharge pressure has increased from 622 bar to 746 bar. Alternatively, at 75 bar, the pump’s flow capacity rises from 18,000 litres per hour to 21,600 litres per hour.Nicoline Walther said improving productivity remains a key challe..

Infrastructure Energy

07 May 2026

India Must Accelerate Geothermal, Natural Hydrogen Development: Experts

Experts at the MAGMA 2026 conference organised by MIT World Peace University stressed the need for India to accelerate investments in geothermal energy and natural hydrogen to strengthen long-term energy security amid global fuel supply disruptions and geopolitical uncertainties.The five-day workshop on Geothermal Energy Exploration and Production witnessed participation from more than 16 organisations, including the Geological Survey of India, IITs, IISER, CSIR laboratories, multinational firms such as Halliburton and Beicip-Franlab, as well as Indian companies including SEROS Energy and Ther..

Infrastructure Urban

07 May 2026

WACKER Shareholders Approve All AGM Resolutions Amid Market Volatility

Wacker Chemie AG shareholders approved all agenda proposals by a large majority at the company’s 20th Annual Shareholders’ Meeting held online, including the decision not to distribute a dividend for the 2025 financial year following losses incurred during the period.The company said the move aligns with its dividend policy of distributing around 50% of net profit. More than 40.3 million shares, representing 77.31% of the company’s capital stock, were represented during the meeting.Christian Hartel said the company remains focused on strengthening competitiveness through its “PACE” c..