Dev Accelerator Ltd. is set to launch its intial public offering on Sep. 10 and has set the price band at Rs 56 to Rs 61 per share for its upcoming Rs 143-crore initial public offering. The company operates in flexible office spaces industry.
At the upper end, the company's market validation is pegged at Rs 550 crore, PTI reproted. Dev Accelerator (DevX) is promoted by listed entity Dev Information Technology Ltd, it further added.
The company's IPO is entirely a fresh issue of 2.47 crore equity shares worth Rs 143 crore at the upper end of the price band.
The company plans to utilise proceeds for 'fit-outs' in the new centres and their security deposits; payment of debt; and general corporate purposes, including strategic initiatives, strengthening marketing capabilities, brand building exercises and payment of lease liabilities.
As per the PTI report, the company will utilise the proceeds from the IPO to expand its footprint in major cities, including Mumbai, Gurugram, Noida, Pune, Chennai, GIFT City, Ahmedabad, Vadodara, Rajkot, Surat, Goa, and Jaipur. As of August 31, 2024, DevX had 25 centres in more than 10 cities, including Ahmedabad, Vadodara, Hyderabad, Delhi, and Udaipur.
75% of the issue size has been reserved for qualified institutional buyers, 15% for non-institutional investors and the remaining 10% for retail investors.
Further, investors can bid for one lot of 235 shares and in multiples of 235 thereafter. Dev Accelerator is expected to make its stock market debut on September 17
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