Dev Accelerator Secures Rs 63 Crore from Anchor Investors Ahead of Initial Public Offering

Dev Accelerator Ltd, a provider of adaptable office spaces, has secured Rs 63 crore from anchor investors before its initial public offering (IPO). The company plans to open its IPO for public subscription from September 10 to 12. The price range for the shares is set between Rs 56 and Rs 61 each.

The anchor investors in this round include Universal Sompo General Insurance Company Ltd, Abans Finance, Finavenue Capital Trust, Sunrise Investment Opportunities Fund, Chattisgrah Investments Ltd, Meru Investment Fund PCC, SB Opportunities Fund II, Shine Star Build Cap, and Vbcube Ventures Fund. This information was detailed in a circular on the BSE website.

DevX's Strategic Expansion Plans

Dev Accelerator Ltd, also known as DevX, is promoted by Dev Information Technology Ltd. The IPO consists entirely of a fresh issue of 2.47 crore equity shares valued at Rs 143 crore at the top end of the price range. The company's market valuation is estimated at Rs 550 crore at this level.

The funds raised will be used for various purposes. These include setting up new centres and their security deposits, repaying debt, and general corporate needs such as strategic initiatives and marketing efforts. Additionally, the proceeds will aid in brand building and covering lease liabilities.

Expanding Presence Across Major Cities

This financial boost will help DevX broaden its presence in key cities like 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 ten cities including Ahmedabad, Vadodara, Hyderabad, Delhi, and Udaipur.

The company is anticipated to make its stock market debut on September 17. By expanding its reach and enhancing its offerings through this capital infusion, DevX aims to strengthen its position in the flexible office space sector.

With inputs from PTI