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Stock Report
Dev Accelerator Ltd files RFP for IPO
Posted On : 2025-09-03 19:26:57( TIMEZONE : IST )
Dev Information Technology Limited's promoted associate company, Dev Accelerator Limited (DevX), is has filed a final RED HERRING PROSPECTUS (RFP) dated 02nd September, 2025 for Initial Public Offering (IPO) comprising a fresh issue of up to 23,500,000 equity shares of face value ₹2 each, with proposed listing on both the NSE and BSE.
Material Event Details
Purpose of IPO & Utilization of Proceeds:
- ₹ 731.16 million for Capital expenditure for fit-outs in the Proposed Centers
- ₹350 million for repayment/prepayment of specific borrowings
- The balance to be allocated for general corporate purposes, including strategic initiatives, marketing and brand building, payment of lease liabilities, acquisition of fixed assets, business development, and other corporate exigencies
The Issue includes a reservation under this Initial Public Offering (IPO) for Dev Information Technology Limited (DEVIT) is as under:
1. Shareholders of the DEVIT - A maximum of 329,000 equity shares of face value ₹2 each have been earmarked for subscription by Eligible Shareholders of Dev Information Technology Limited. Eligibility for application under this Shareholders Reservation Portion is restricted to shareholders whose names appear in the register of members as of the record date, i.e., 02 September 2025, as specified in the Red Herring Prospectus. Only such eligible shareholders may apply for shares reserved under this category in the Issue.
2. Employees of the DEVIT - A maximum of 164,500 equity shares of face value ₹2 each are reserved for subscription by eligible employees. Eligibility is limited to permanent employees of Dev Information Technology Limited or its subsidiaries who are on the company's payroll as of the date of filing the Red Herring Prospectus (02 September 2025) and who continue in permanent employment status up to the submission of the Bid cum Application Form. Only such eligible employees may apply under the Employee Reservation Category for this Issue.
