Dev Accelerator plans Rs 125 cr IPO amid high demand for office spaces

Dev Accelerator Ltd, which provides flexible office spaces, has filed a draft document with Sebi to launch its initial public offering (IPO) to raise around Rs 125 crore. Dev Accelerator (DevX) is promoted by listed entity Dev Information Technology Ltd. DevX's IPO is entirely a fresh issue of 2.47 crore equity shares (face value of Rs 2), with plans to list on both the NSE and BSE. The company proposes to utilise Rs 68.95 crore for "fit-outs" in the new centres and their security deposits. It proposes to use Rs 30 crore towards repayment and/or prepayment (in full or in part) of certain borrowings, according to the draft red herring prospectus (DRHP) filed with markets regulator Sebi. The remaining amount will be allocated for general corporate purposes, including strategic initiatives, strengthening marketing capabilities and brand building exercises, payment of lease liabilities, among others. This capital infusion will enable DevX to expand its footprint in major cities, inclu

from Companies https://ift.tt/vacJ1kC