India, Jan. 31 -- Mumbai-based device management startup Servify has begun the preparations for its initial public offering (IPO) by roping in three investment bankers.

The startup plans to raise $400 Mn to $500 Mn through the public issue at a valuation of $1.5 Bn, sources told Inc42.

About 55-60% of the public issue likely to be an offer for sale and the remaining would be a fresh issue of equity shares, the sources added. It is looking to file the draft red herring prospectus (DRHP) with markets regulator SEBI by August this year, and is eyeing a listing in 2025 or in the first quarter of 2026.

Servify is also in advanced discussions with existing as well as new investors to raise $100 Mn in a pre-IPO round before filing its draft p...