WeWork India to launch ₹3,000cr IPO on October 3
What's the story
WeWork India, a leading player in the co-working space, is all set to launch its initial public offering (IPO) on October 3. The issue size is estimated at around ₹3,000 crore. The bidding for anchor investors will open for a day on October 1, according to the red herring prospectus (RHP). The IPO will close on October 7.
Share details
OFS of up to 4.63 crore equity shares
The upcoming IPO from WeWork India is an Offer for Sale (OFS) of up to 4.63 crore equity shares. Embassy Buildcon LLP, a promoter group firm, and Ariel Way Tenant Ltd, a subsidiary of WeWork Global, will be selling their shares in this offering. Since it is an OFS, WeWork India won't get any money from the listing.
Company profile
Promoted by Embassy Group
WeWork India was established in 2017 and operates under an exclusive license of the 'WeWork' brand in India. The company is promoted by Bengaluru-based real estate major Embassy Group. Currently, Embassy Group owns about 76.21% stake in WeWork India while WeWork Global holds a 23.45% stake. The firm has operations across major Tier-1 cities including Bengaluru, Mumbai, Pune, Hyderabad among others.
Business scale
WeWork India manages over 77 lakh sq ft of space
WeWork India manages a whopping 77 lakh sq ft of space, out of which 70 lakh sq ft is operational. The company has a desk capacity of over 1.03 lakh and employs more than 500 people. In January 2024, the firm raised ₹500 crore through a rights issue to mainly reduce debt and support growth plans.
Market entry
WeWork India aims to enhance visibility through IPO
WeWork India plans to list its equity shares on the stock exchanges in early October. The move is aimed at enhancing visibility, providing liquidity to existing shareholders, and creating a public market for its shares in India. With the IPO set for early October, WeWork India is likely to make its stock market debut on October 10.