Liquidity Events
Co-working space provider DevX’s IPO oversubscribed 26x
Ahmedabad-based co-working space provider DevX (Dev Accelerator Ltd)'s initial public offering (IPO) was oversubscribed 26 times. The IPO got bids for 34.34 crore shares against 1.31 crore shares on offer.The portion reserved for the Retail Individual Investors (RIIs) category got oversubscribed by 90 times and the Non-Institutional Investors (NIIs) segment by 33 times. The Qualified Institutional Buyers' (QIB) quota was booked 2.4 times. Employees applied for an 8.7X subscription.The IPO consists of a fresh issue of 2.35 crore equity shares to raise INR 143.3 crore at a price band range between INR 56 and INR 61 apiece.From the fresh issue, INR 73.1 crore will be used to build four centres in Surat, Pune, Ahmedabad, and its first international centre in Sydney, and INR 35 crore will be allocated for repayment of loans and for general corporate purposes.Founded in 2017 by Parth Shah, Rushit Shah and Umesh Uttamchandani, DevX provides co-working space solutions, managed office spaces and workspace solution offerings.
Between Apr 2023 and Feb 2024, DevX had attracted funding from Bidiwala Family Office, Gala Family Office, Urmin Family Office and angel investors.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
