Dev Accelerator sets IPO price band at Rs 56-61 per share

Dev Accelerator IPO

Dev Accelerator, which provides flexible office spaces, on September 4 fixed a price band of Rs 56 to Rs 61 per share for its upcoming Rs 143-crore initial public offering (IPO).

At the upper end, the company's market validation is pegged at Rs 550 crore.

The company's initial share-sale will be available for public subscription during September 10-12, according to its public announcement.

Dev Accelerator (DevX) is promoted by listed entity Dev Information Technology.

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.

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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.

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 company said 75 percent of the issue size has been reserved for qualified institutional buyers, 15 percent for non-institutional investors and the remaining 10 percent 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.