Dev IT rallies after associate arm files IPO prospectus

The IPO comprises fresh issue of 2,35,00,000 equity shares with a face value Rs 2 each, with proposed listing on both the NSE and BSE.

The company intends to utilize the net proceeds from the IPO in a structured manner. About Rs 73.11 crore will be allocated towards capital expenditure for fit-outs in the proposed centers, while Rs 35 crore will be used for repayment or prepayment of specific borrowings. The balance amount will be deployed for general corporate purposes, including strategic initiatives, marketing and brand building, payment of lease liabilities, acquisition of fixed assets, business development, and other corporate requirements.

The issue includes a reservation for Dev Information Technology (Dev IT) shareholders, with upto 329,000 equity shares with a face value Rs 2 each allocated to them. Additionally, up to 164,500 equity shares with a face value of Rs 2 each reserved for the employees of Dev IT.

Dev Information Technology (Dev IT) is in the business of providing IT-enabled services. The company's consolidated net profit fell 40.2% to Rs 2.11 crore on 21.2% rise in revenue from operations to Rs 42.99 crore in Q1 FY26 over Q1 FY25.

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