Dev Accelerator Ltd Secures Rs 63 Crore from Anchor Investors Ahead of IPO

Dev Accelerator Ltd, known for flexible office spaces, has garnered Rs 63 crore from anchor investors before its IPO. The share sale will be open from September 10-12 with a price band of Rs 56-61 per share. Proceeds will aid expansion and strategic initiatives across major Indian cities.

Dev Accelerator Ltd, a provider of flexible office spaces, announced on Tuesday that it has successfully raised Rs 63 crore from a group of anchor investors prior to its initial public offering (IPO).

Among the early investors are Universal Sompo General Insurance Company Ltd, Abans Finance, Finavenue Capital Trust, and several other notable funds, as detailed in a circular on the BSE website.

The IPO, which is a fresh issuance of 2.47 crore equity shares pegged at Rs 143 crore, aims to secure funds for expanding its operations in key Indian cities. The company's market valuation could reach Rs 550 crore at the upper end of the price band.

(With inputs from agencies.)