Dev Accelerator Limited, promoted by Dev Information Technology Limited (Dev IT), a global information technology (IT) services company providing cloud services, digital transformation, enterprise applications, and managed IT services, has filed draft red herring prospectus for an IPO. 

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Dev IT is a promoter and one of the largest shareholders of DevX

The IPO consists entirely of a fresh issue of 2.47 crore equity shares (face value of Rs 2), with plans to list on both the NSE and BSE.

Dev Accelerator Limited has appointed Pantomath Capital Advisors Private Limited as book runner lead manager. Also, KFIN Technologies Limited is the registrar of the issue. 

This capital infusion will enable DevX to expand its footprint in major cities, including Mumbai, Gurugram, Noida, Pune, Chennai, GIFT City, Ahmedabad, Vadodara, Rajkot, Surat, Goa, and Jaipur. As of August 31, 2024, DevX had 25 centres in more than 10 cities, including Ahmedabad, Vadodara, Hyderabad, Delhi, and Udaipur.