Dev Accelerator Filed DRHP With SEBI To Float an IPO

The coworking space provider Dev Accelerator Limited (DevX) has filed the draft red herring prospectus (DRHP) with the market regulator, the Securities and Exchange Board of India (SEBI) to float an initial public offering (IPO).  DevX IPO is entirely a fresh issue of 2,47,00,000 equity shares, having face value of ₹2 each. Dev Accelerator Limited has appointed Pantomath Capital Advisors Private Limited as book runner lead manager while KFIN Technologies Limited as the registrar to the issue. Post issue, DevX IPO will be listed on NSE and BSE.

Purpose of the DevX IPO

The company proposes to utilize the Net Proceeds towards funding the following objects:

• Capital expenditure for fit-outs in the new Centres and for security deposits of the new centres.
• Repayment and/or pre-payment, in full or part, of certain borrowings availed by its company including redemption of non-convertible debentures issued by its company (NCDs).
• General corporate purposes.

About Dev Accelerator Limited

Incorporated in 2020,  Dev Accelerator Limited (DevX) is one of the leading flex space operators in terms of operational flex stock in Tier 2 markets. The company has developed a significant presence across 15 submarkets in India across Tier 1 markets of Delhi NCR, Hyderabad, Mumbai, Pune and Tier 2 markets of Ahmedabad (including Gandhinagar), Indore, Jaipur, Udaipur, and Vadodara.

Financial Performance of DevX

DevX has shown significant financial growth in the last several years. As per DRHP, the company became profitable in the fiscal year 2023-24 (FY24), generating a profit after tax (PAT) of ₹43.7 lakh. compared to the previous fiscal year, when it reported losses of ₹7.5 crore in FY22 and ₹12.8 crore in FY23, this is a substantial turnaround.

The operating revenue for FY24 was ₹108.08 crore, which was a 55% increase from ₹69.91 crore in FY23. The company’s steady expansion is evidence of the rising demand for coworking spaces, particularly given the growing adoption of flexible office solutions by Indian enterprises.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.