The shares of the IT-enabled service provider gained over 5 percent in Tuesday’s trading session after the company announced that its associate company has filed for an IPO.
Stock Performance
With a market capitalization of Rs 257.79 crore, Dev Information Technology Ltd surged over 5 percent to an intraday high of Rs 116.80 per share on Tuesday as compared to its previous closing price of
Rs 111 per share. The shares retraced from the day’s high and were trading at Rs 114.40, which is 3 percent higher than the previous close.
Filing for IPO
Dev Accelerator Limited (DevX), an associate company of Dev Information Technology Ltd filed a draft red herring prospectus (DRHP) dated March 30,2025. The IPO will consist solely of a fresh issue of 2.75 crore equity shares with a face value of Rs. 2 each, without any offer-for-sale component.
DevX is a leading Flex Space Operator, offering Built-to-Suit Managed Office Solutions across Tier I and II cities in India. With nearly 1 msf of space, it provides premium workspaces for corporates, MNCs, and SMEs.
Recent Order
Over the weekend the company announced that it secured an order for the development, customization, implementation, and maintenance of the IT system for Rajasthan Mahila Nidhi Credit Cooperative Federation Limited, a Government of Rajasthan undertaking. The total consideration for this order is Rs 3.8 crore.
Company Overview
Dev Information Technology Limited, an information technology (IT) enabled services provider operates through the IT & IT Enabled Services segment. The company’s primary products include ByteSIGNER and Talligence.
Financials
When looking at the financial statements, the company reported a 50 percent growth in revenue from Rs 32 crore to Rs 48 crore during Q3 FY24-25. This was accompanied by a modest 6 percent increase in net profits from Rs 1.7 crore to Rs 1.8 crore during the same period.
Written by Shwetha Sairam
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
