DevX IPO: Issue Size, DRHP Details, and Listing

DevX IPO may open soon. The company files the IPO with all fresh equity shares. The work-from-home culture is expanding over time. A lot of people prefer to work from their homes increasing the demand for coworking spaces and cultures. It provides an atmosphere of discipline. Thus, the company is winning the hearts of employees and organisations through its coworking spaces. It files the DRHP for the company. Let us have a look at the DevX’s DRHP papers and IPO details below.

DevX IPO: DRHP Filed For 2.47 Crores Equity Shares Know Details Here

DevX is a co-working space provider company. It files DRHP papers with the SEBI for 2.47 crore equity shares. Building its foundation in Ahmedabad, the company is today looking to expand its branches in other cities across India. DevX has its best services available in Gujarat’s Ahmedabad. Apart from that, DevX is also available in 9 other cities. The major ones include Vadodara, Bengaluru, Delhi, Kochi, Surat, and others. It will further expand in cities like Chennai, GIFT city Ahmedabad, Rajkot, Surat, Goa, and Jaipur.

It’s not the first fundraising of the company. DevX raised approx $7 million or Rs. 58 crores in debt and equity in February 2024. For the current funding, the company has also shared how it will be working with those funds. Following are details about those fund distributions. The company will utilise Rs. 68.95 crores for fit-outs and security deposits of new centres. While Rs. 30 crores will be for repayment and prepayment of NCD. The rest amount will be for general use.

DevX plans to raise Rs. 125 crores from this IPO. Founders Parth Shah, Rushit Shah, and Umesh Uttamchandani are excited about the upcoming IPO. The company is officially a public company. There have been a lot of ups and downs in the seven-year journey of the company. If we talk about its revenue, DevX has made a revenue of Rs. 108 Crores which is a 55% increase on a YoY basis. It turned profitable in the FY 2023-24 with a PAT (profit after tax) of Rs. 43.7 lakhs. While it had a loss of Rs. 12.8 crores in the FY 2022-23.

DevX is assumed to be profitable in the coming year. Thus, the investors are looking forward to investing in the company. If the SEBI accepts its application, the company will be the third startup of 2024 to register in the share market. It will be available on both NSE and BSE. While other two startups are Awfis and Smartworks. Awfis already registered on the stock market. Smartwork has also applied for IPO with DRHP papers.