Stock offering of DevX sets date for public trading commencement on the 10th of September

DevX, a prominent player in the Real Estate Tech sector, is gearing up for its Initial Public Offering (IPO) on September 10. Based in Ahmedabad, India, the coworking space provider has made a significant impact in the industry, boasting a clientele that includes Zomato, Tim Hortons, and Deakin University.

Founded in 2020, DevX has already made a name for itself in the competitive Indian coworking solutions space, although it remains the smallest player compared to Awfis, Smartworks, and IndiQube. Despite this, the company has shown impressive growth, with a net profit of INR 1.7 Crore for the full fiscal year FY25, marking a 3X increase from the previous year.

The company's operating revenue for FY25 stood at INR 158.9 Crore, a 47% increase from the previous year. This growth has been made possible through a total funding amount of $11.0 Mn, which DevX has utilised strategically.

As part of its expansion plans, DevX intends to open four new centres over the next two fiscal years. One of these new centres will be in Sydney, Australia, marking the company's first foray outside of India. To fund these expansions, DevX plans to utilise INR 73.1 Crore for fit-outs of new centres and INR 35 Crore for repayment of borrowings.

The IPO consists of a fresh issue of 2.35 Crore shares. The company's move to go public comes at a time when another major player in the space, WeWork India, is also going public and reported a profit of INR 128.2 Crore in FY25.

Despite extensive research, the founder of DevX, the fourth coworking provider recently listed in India, could not be identified in the provided search results. The company's founders include Rushit Shah and two others.

DevX's journey is a testament to the potential of the coworking space sector in India, offering a promising outlook for both the company and the industry as a whole. As the IPO approaches, investors and industry watchers will be keen to see how DevX navigates its next phase of growth.

Stock offering of DevX sets date for public trading commencement on the 10th of September