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PNN
Mumbai (Maharashtra) [India], October 4: Dev Information Technology Limited (Dev IT), (NSE - DEVIT, BSE - 543462), a global information technology (IT) services company providing a [Cloud Services, Digital Transformation, Enterprise Applications, and Managed IT Services] has reached another milestone with its promoted venture, i.e M/s. Dev Accelerator Limited (DevX), filing its draft red herring prospectus for an IPO. Dev IT is a promoter and one of the largest shareholders of DevX, one of the largest flex space operators in terms of operational flex stock, in Tier 2 markets, as per (Source: "India's Flex Space Market" report prepared and issued by Jones Lang Lasalle Property Consultants (India) Private Limited) DevX's IPO Plans and Strategic Use of Proceeds The IPO consist entirely of a fresh issue of 2.47 Cr equity shares (face value of Rs 2), with plans to list on both the NSE & BSE. DevX proposes to utilise the net proceeds towards the following objects: * Rs 68.95 Cr will be used for "fit-outs" in the new centres and their security deposits.* Rs 30 Cr will go towards the repayment and/or prepayment (in full or in part) of certain borrowings availed by DevX.* The remaining amount will be allocated for general corporate purposes, including, without limitation, strategic initiatives, strengthening marketing capabilities and brand building exercises, payment of lease liabilities, acquisition of fixed assets, business development initiatives, etc. 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 expansion enabled by the IPO proceeds will further solidify its position as a major player in the managed office space segment, wishing will cater more clients. The collaboration between Dev IT's expertise in digital transformation and DevX's flexible workspace solutions creates a unique synergy, offering integrated solutions for enterprises looking to enhance operational efficiency. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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