DevX’s IPO is a greenfield issue of 2.47 crore shares (face value Rs 2), with plans to list on both the NSE and BSE. The company proposes to use Rs 68.95 crore for “equipping” the new centers and their security deposits.
It proposes to use Rs 30 crore for repayment and/or prepayment (in whole or in part) of certain loans, according to the draft red herring prospectus (DRHP) filed with markets regulator Sebi.
The rest of the amount will go to general expenses. corporate purposesincluding strategic initiatives, strengthening marketing capabilities and brand building exercises, payment of lease liabilities, among others.
This capital infusion will enable DevX to expand its presence 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 centers across 10+ cities including Ahmedabad, Vadodara, Hyderabad, Delhi and Udaipur. The collaboration between Dev IT’s expertise in digital transformation and DevX’s flexible workspace solutions creates a unique synergy, offering integrated solutions for companies seeking to improve operational efficiency. About the IPO, Pranav Pandya, founder and chairman of Information technology for developers Ltd, said, “This important milestone underlines our commitment to the dynamic growth of the flexible workspace sector in India.”
The funds raised will be instrumental in accelerating DevX’s growth. expansion planswhich will allow it to enter new markets, improve infrastructure and invest in technology that drives efficiency, he said.
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