Gujarat’s Largest Office Space Supplier, DEVX, Intends an IPO to Raise INR 125 Crore

Nitin Konde, Apoorva Bajj

Oct 1, 2024 — 2 min read

Gujarat’s Largest Office Space Supplier, DEVX, Intends an IPO to Raise INR 125 Crore

The leading provider of managed office spaces in Gujarat, Dev Accelerator (DevX), plans to earn an additional INR 125 crore through its upcoming initial public offering (IPO) in order to fund its continued growth.

By the end of this month, the public offer's draft prospectus should be submitted to Sebi. The issue's lone banker has been named as Pantomath Capital Advisors.

Company’s Expansion Plan

Various media reports stated that the new funding will be used for both domestic and international expansion, eventually reaching a 2 million square foot area. For the next two years, the firm has already committed to one million square feet.

In each of the eleven cities where DEVX is now active in India, the company intends to expand vertically. It plans to increase this average to 1 to 1.5 lakh sq ft by the next year from its current average of 35,000 to 50,000 sq ft per centre. Early in 2024, DEVX completed its third financing round, raising $7 million. The capital came from investors including banks, NBFCs, family offices, and HNIs, and was distributed equally between loan and equity.

According to the DRHP, the proceedings will also be used for "repayment and/or pre-payment" of some borrowings that the company has obtained, including the redemption of non-convertible debentures that it has issued. It further said that a portion of the earnings will be utilised for general business operations.

Company’s Financial Report Card

Moreover, DEVX provided its financials for the previous three years in the draft record. Revenue for the company was INR 108 crore in 2024, INR 69.9 crore in 2023, and INR 30.8 crore in 2022.

While it lost INR 12.8 crore in fiscal 2023 and Rs 7.5 crore in fiscal 2022, its restated profit for the fiscal year that ended in March 2024 was INR 44 lakh. At a time when India's primary market has been thriving, DEVX has chosen to pursue the IPO route. To date, over 235 companies have raised a total of over INR 71,000 crore this year.

About DEVX

The mission of DEVX, a startup accelerator, is to provide the resources necessary for the growth and success of innovative startups. With numerous entrepreneurial adventures supported at its centres, the organisation is aware of the shifting demands of the times.

Serving as an enabler for the burgeoning startup scene by giving startupreneurs, SMEs, and corporations the necessary business support that will accelerate innovation and inspire young people to pursue their dreams of becoming entrepreneurs. It seeks to provide outstanding co-working spaces and accelerator programmes around the world in order to bolster the foundation of the country by identifying creative and high-calibre companies and serving as a catalyst for job creation and wealth creation.