Dev Accelerator IPO Opens Sep 10: Price Rs 56-61

New Delhi, Sep 4 (PTI) Dev Accelerator Ltd, which provides flexible office spaces, on Thursday 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 Ltd.

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.

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 per cent of the issue size has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent 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.