Dev Information Technology's Promoted Company, Dev Accelerator Limited (DevX), Files Draft Papers for IPO to Expand in Coworking Spaces

Dev Information Technology Limited (Dev IT) has announced that its promoted venture, Dev Accelerator Limited (DevX), has filed a draft red herring prospectus for an IPO. Dev IT is a promoter and one of the largest shareholders of DevX, which is one of the largest flex space operators in terms of operational flex stock in Tier 2 markets. The proposed IPO comprises a fresh issue of up to 2.47 Cr equity shares, with plans to list on both the NSE & BSE. DevX proposes to use the net proceeds towards fit-outs in new centres, security deposits, repayment and/or prepayment of certain borrowings, and general corporate purposes. This capital infusion will enable DevX to expand its footprint in major cities, strengthening its position as a major player in the managed office space segment.