Dev Accelerator Files DRHP With SEBI To Launch Main-Board IPO of Rs 125 Cr

In order to generate roughly Rs 125 crore for its initial public offering (IPO), Dev Accelerator Ltd. has submitted a draft document to Sebi. Promoted by the listed company Dev Information Technology Ltd. is Dev Accelerator (DevX). In its initial public offering (IPO), DevX is issuing 2.47 crore equity shares with a face value of Rs 2, with an objective of listing on the NSE and BSE. The company intends to use Rs 68.95 crore for security deposits and "fit-outs" in new centers. According to the draft red herring prospectus (DRHP) submitted to markets regulator Sebi, it plans to spend Rs 30 crore for repayment and/or prepayment (in full or in part) of certain borrowings.

The remaining amount will be used for corporate objectives, such as paying off debt related to leasing, bolstering marketing abilities and brand-building campaigns, and strategic initiatives.

Commenting on the IPO, Pranav Pandya, Founder & Chairman of Dev Information Technology Ltd, said, "This significant milestone underscores our commitment to the dynamic growth of the flexible workspace sector in India." The funds raised will be instrumental in accelerating DevX's expansion plans, enabling it to enter new markets, enhance infrastructure, and invest in technology that drives efficiency, he said.

Dev Accelerator Ltd offers flexible workspaces. DevX will be able to expand its presence in major cities like Mumbai, Gurugram, Noida, Pune, Chennai, GIFT City, Ahmedabad, Vadodara, Rajkot, Surat, Goa, and Jaipur thanks to this IPO funds injection. As of August 31, 2024, DevX has 25 centers in more than 10 cities, including Ahmedabad, Vadodara, Hyderabad, Delhi, and Udaipur.

The book-running lead manager of the issue is Pantomath Capital Advisors Private Limited while the registrar of the issue is KFIN Technologies Limited. The company is not publicly traded and has paid up less than Rs 50 Cr in share capital, less than Rs 200 Cr in revenue, and less than Rs 100 Cr in outstanding loans or borrowings from banks or other public financial institutions. Its outstanding deposits from the previous fiscal year also total less than Rs 25 Cr.

Dev Accelerator recorded a net profit of Rs 44 lakh for FY24, up from a loss of Rs 12.8 crore for FY23 and a loss of Rs 7.5 crore for FY22.

Meanwhile, Sambhv Steel Tubes Limited submitted a draft red herring prospectus (DRHP) for an initial public offering (IPO) to raise Rs 540 crore to the Securities and Exchange Board of India (SEBI). The IPO comprises an offer for sale (OFS) by existing shareholders for a sum of Rs 100 crore and a fresh issue of equity shares totalling Rs 440 crore. The IPO's book-running lead managers, Nuvama Wealth Management Limited and Motilal Oswal Investment Advisors Limited, have been named whereas the whole bidding process is facilitated by KFin Technologies Limited, which is acting as the offer's registrar.

On the other hand, Mumbai-based Vikran Engineering has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) in an attempt to raise Rs 1,000 crore via an initial public offering (IPO). In addition to various family offices and high-net-worth individuals, Vikran Engineering has received the backing of other pre-IPO investors, such as India Inflection Opportunity Fund, Ashish Kacholia, Mukul Agarwal, and Negen AIF. Vikran Engineering's public offering consists of a fresh share offering of up to Rs 900 crore and an offer for sale (OFS) of up to Rs 100 crore.