Monitoring Agency Report for quarter ended March 31, 2026
DEVX · price
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Dev Accelerator Limited (DEVX), a flex space operator, submitted its Q4FY26 (ending March 31, 2026) Monitoring Agency Report for its IPO proceeds. The company raised Rs. 143.35 crore via public issue in September 2025. Of the net proceeds of Rs. 127.38 crore (after issue expenses), Rs. 73.12 crore was earmarked for capital expenditure on fit-outs, Rs. 35 crore for debt repayment, and Rs. 19.26 crore for general corporate purposes. During Q4FY26, Rs. 5.18 crore was deployed — Rs. 4.5 crore went to PHA Enterprises for the Ahmedabad GMDC centre, with the remainder for Ahmedabad Centre 9 and Pune Centre 5. The debt repayment and general corporate purpose objects are fully utilized. Rs. 34.85 crore remains unutilized as of March 31, 2026, held in Public Issue Account, Monitoring Agency Account, and Fixed Deposits with ICICI, HDFC, and Axis banks. The monitoring agency (Infomerics Valuation) and the CA certificate (Nisarg J Shah & Co.) confirmed no material deviations from the offer document objects. No delays were reported.
The IPO proceeds are being deployed as per the prospectus without material deviation. The capex rollout for new flex centres is ongoing, with Rs. 34.85 crore still pending deployment, which is expected given the multi-centre expansion plan. Shareholders can track progress against stated growth objectives.