Dev Accelerator (DevX) has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 125 crore through an initial public offering (IPO). The company’s IPO is entirely a fresh issue of 2.47 crore equity shares (face value of Rs 2).
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. 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, including Mumbai, Gurugram, Noida, Pune, Chennai, GIFT City, Ahmedabad, Vadodara, Rajkot, Surat, Goa, and Jaipur. The equity shares are proposed to be listed on the BSE and NSE.
DevX, a subsidiary of DEV Information Technology, has established a state-of-the-art and one of the largest Collaborative Work Space in the state of Gujarat.
Company Name | CMP |
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TCS | 3777.95 |
Infosys | 1823.45 |
HCL Tech. | 1688.20 |
Wipro | 313.15 |
Tech Mahindra | 1657.55 |
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