Provider of flexible workspace solutions Dev Accelerator Ltd., doing business as DevX, has submitted its draft red herring prospectus (DRHP) for an initial public offering (IPO) to the Securities and Exchange Board of India (Sebi), the market regulator.
Up to 2.47 crore shares with a face value of Rs 2 each will be issued in a fresh offering as part of the Rs 125 crore IPO. It is anticipated that the stock will be listed on the BSE and the National Stock Exchange (NSE).
Company financials
Between FY 2021–22 and FY 2023–24, Dev Accelerator's turnover increased by more than 87 per cent at a compound annual growth rate (CAGR).
Compared to Rs 70 crore in FY23 and Rs 30.9 crore in FY22, the company's revenue for FY24 was Rs 108 crore. Compared to losses of Rs 12.8 crore in FY23 and Rs 7.5 crore in FY22, the company's net profit in FY24 was Rs 44 lakh.
The company's occupancy rates for the fiscal years 2022, 2023, and 2024, respectively, showed high levels of customer satisfaction at 83.09 per cent, 80.84 per cent, and 80.8 per cent.
IPO purpose
The money raised through the IPO will be used by Dev Accelerator to pay for security deposits and the capital expenditures associated with fitting out its new facility.
In addition, the proceeds would be applied to general corporate purposes and the full or partial repayment and/or prepayment of certain borrowings that the company had taken out, including the redemption of non-convertible debentures.
About company
DevX offers a full range of integrated services, including finding office space, creating unique designs, developing areas and technological solutions, and managing assets.
The company has divided its service offerings into three categories: design and build solutions (provided by its subsidiary Needle and Thread Designs LLP), managed office solutions, and co-working space solutions.
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