{"id":43027,"date":"2024-10-04T10:57:30","date_gmt":"2024-10-04T05:27:30","guid":{"rendered":"https:\/\/nationalinsight.in\/index.php\/2024\/10\/04\/dev-accelerator-limited-devx-files-draft-ipo-papers-to-expand-coworking-space-ventures\/"},"modified":"2024-10-04T10:57:30","modified_gmt":"2024-10-04T05:27:30","slug":"dev-accelerator-limited-devx-files-draft-ipo-papers-to-expand-coworking-space-ventures","status":"publish","type":"post","link":"https:\/\/nationalinsight.in\/index.php\/2024\/10\/04\/dev-accelerator-limited-devx-files-draft-ipo-papers-to-expand-coworking-space-ventures\/","title":{"rendered":"Dev Accelerator Limited (DevX) Files Draft IPO Papers to Expand Coworking Space Ventures"},"content":{"rendered":"<div>\n<div>\n<p><strong><span data-sheets-root=\"1\">Mumbai (Maharastra) [India],October 3: <\/span>Dev Information Technology Limited (Dev IT), (NSE \u2013 DEVIT, BSE \u2013 543462),\u00a0<\/strong>a global information technology (IT) services company providing a [Cloud Services, Digital Transformation, Enterprise Applications, and Managed IT Services] has reached another milestone with its promoted venture, i.e M\/s. Dev Accelerator Limited (DevX), filing its draft red herring prospectus for an IPO. Dev IT is a promoter and one of the largest shareholders of DevX, one of the largest flex space operators in terms of operational flex stock, in Tier 2 markets, as per (Source: \u201cIndia\u2019s Flex Space Market\u201d report prepared and issued by Jones Lang Lasalle Property Consultants (India) Private Limited)<\/p>\n<p><strong>DevX\u2019s IPO Plans and Strategic Use of Proceeds<\/strong><\/p>\n<p>The IPO consist entirely of a fresh issue of 2.47 Cr equity shares (face value of\u00a0\u20b9\u00a02), with plans to list on both the NSE &amp; BSE.<\/p>\n<p><strong>DevX proposes to utilise the net proceeds towards the following objects:<\/strong><\/p>\n<ul>\n<li>\u20b9 68.95 Cr will be used for \u201cfit-outs\u201d in the new centres and their security deposits.<\/li>\n<li>\u20b9 30 Cr will go towards the repayment and\/or prepayment (in full or in part) of certain borrowings availed by DevX.<\/li>\n<li>The remaining amount will be allocated for general corporate purposes, including, without limitation, strategic initiatives, strengthening marketing capabilities and brand building exercises, payment of lease liabilities, acquisition of fixed assets, business development initiatives, etc.<\/li>\n<\/ul>\n<p>This capital infusion will enable DevX 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. The expansion enabled by the IPO proceeds will further solidify its position as a major player in the managed office space segment, wishing will cater more clients.<\/p>\n<p>The collaboration between Dev IT\u2019s expertise in digital transformation and DevX\u2019s flexible workspace solutions creates a unique synergy, offering integrated solutions for enterprises looking to enhance operational efficiency.<\/p>\n<p><em>Disclaimer:This article is for informational purposes only and does not constitute financial advice. Investing in stocks involves risk, and past performance is not indicative of future results. Readers should conduct their own research or consult with a qualified financial advisor before making any investment\u00a0decisions.<\/em><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Mumbai (Maharastra) [India],October 3: Dev Information Technology Limited (Dev IT), [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":43028,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[1312],"class_list":["post-43027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business"],"_links":{"self":[{"href":"https:\/\/nationalinsight.in\/index.php\/wp-json\/wp\/v2\/posts\/43027","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nationalinsight.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nationalinsight.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nationalinsight.in\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nationalinsight.in\/index.php\/wp-json\/wp\/v2\/comments?post=43027"}],"version-history":[{"count":0,"href":"https:\/\/nationalinsight.in\/index.php\/wp-json\/wp\/v2\/posts\/43027\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nationalinsight.in\/index.php\/wp-json\/wp\/v2\/media\/43028"}],"wp:attachment":[{"href":"https:\/\/nationalinsight.in\/index.php\/wp-json\/wp\/v2\/media?parent=43027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nationalinsight.in\/index.php\/wp-json\/wp\/v2\/categories?post=43027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nationalinsight.in\/index.php\/wp-json\/wp\/v2\/tags?post=43027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}