Dev Accelerator Raises Rs 63 Cr from Anchor Investors

New Delhi, Sep 9 (PTI) Dev Accelerator Ltd, which provides flexible office spaces, on Tuesday said it has raised Rs 63 crore from anchor investors ahead of its initial public offering (IPO).

Some of the investors who participated in the anchor round included Universal Sompo General Insurance Company Ltd, Abans Finance, Finavenue Capital Trust, Sunrise Investment Opportunities Fund, Chattisgrah Investments Ltd, Meru Investment Fund PCC, SB Opportunities Fund II, Shine Star Build Cap and Vbcube Ventures Fund, according to a circular uploaded on BSE's website.

As per the circular, the company has allotted 1.03 crore shares to these anchor investors at Rs 61 apiece.

The company's initial share sale will be available for public subscription from September 10-12. The price band has been fixed at Rs 56 to Rs 61 per share.

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.

At the upper end, the company's market validation is pegged at Rs 550 crore.

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.

Dev Accelerator is expected to make its stock market debut on September 17.