Coworking space provider DevX, a space company filed DRHP(Draft Red Herring Prospectus) with SEBI( Securities and Exchange Board of India) for an IPO. The startup is preparing to go public through an initial public offering (IPO). This means they will be selling a total of 2.47 crore new equity shares. With funds, the company wants to gain its capital structure and enhance its possibilities. The fresh funds will be used for national and global expansion and grow to a 2 million sq ft area, as per industry sources, The company has already signed up a million square feet for the next two years.
This company has no OFS(offer for sale), and promoters are not quitting the company. Furthermore Pantomath Capital Advisors Pvt. will serve as the lead manager for the offering, while KFIN Technologies Ltd. will be the registrar.
The following is a breakdown of how the startup plans to use IPO proceeds:
- Capital expenditure for fit-outs in the new Centres and for security deposits of the new Centres;
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company including redemption of non-convertible debentures issued by our Company (“NCDs”) in; and
- General corporate purposes.
DevX company was registered for POC and innovation in 2017 and just after 4 months it has expanded India’s largest fintech hackathon with DCB bank. Afterwards, in 2019 they also launched their business in Mumbai as well. DevX also plans to allocate Rs 30 crore toward repaying and prepaying certain borrowings, including the redemption of non-convertible debentures (NCDs).
As per the FY of 2024, it has a total non-current amount of 34,455.71 and 25,055.38 in 2023. This has total funding of $ 13.3 million and post-money of $34 million. The company’s establishment and responsibility of the oversight management is on a director of the company.
Further, this company doesn’t have any important investment in equity instruments so it would face any price risk. Initially, this company had two main qualities community and well-designed spaces.
DevX (Dev Accelerator) IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
DevX (Dev Accelerator) Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2022 | ₹31.37 | ₹39.51 | ₹7.51 |
| 2023 | ₹71.37 | ₹87.50 | ₹12.83 |
| 2024 | ₹110.73 | ₹119.50 | ₹0.44 |
DevX (Dev Accelerator) IPO Valuation – FY2024
DevX (Dev Accelerator) IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹0.08 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 1.50% |
| Net Asset Value (NAV): | 4.68 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Awfis Space Solutions Ltd | (2.79) | NA | (6.99) | 24.45 | 848.82 Cr. |
Objects of the Issue
- Capital expenditure for fit-outs in the new Centres and for security deposits of the new Centres;
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company including redemption of non-convertible debentures issued by our Company (“NCDs”) in; and
- General corporate purposes.
IPO Lead Managers aka Merchant Bankers
- Pantomath Capital Advisors Private Limited
