IPO-bound WeWork India's Q1 revenue surges 19% to ₹535cr
What's the story
WeWork India, a leading co-working space provider, has reported a loss of ₹14.14 crore in the first quarter of this fiscal year. The company saw its revenue from operations increase by 19% to ₹535.31 crore during the April-June period. This is an improvement over the same period last year when it had posted a loss of ₹29.17 crore and generated revenue of ₹448.65 crore.
Financial overview
Profit of ₹128.18 crore in FY24
For the entire fiscal year 2024-25, WeWork India reported a profit of ₹128.18 crore on a turnover of ₹1,949.21 crore. The company operates under an exclusive license from the WeWork brand and is primarily owned by Bengaluru-based real estate firm Embassy Group with a stake of around 76.21%. The rest 23.45% is held by WeWork Global.
IPO details
IPO price band set at ₹615-648 per share
WeWork India has set a price band of ₹615-648 per share for its upcoming ₹3,000 crore Initial Public Offering (IPO). The company's valuation at the upper end of this band is around ₹8,685 crore. The issue will open for public subscription on October 3 and close on October 7. It is an Offer For Sale (OFS) of up to 4.63 crore equity shares by Embassy Buildcon LLP, part of the promoter group, and investor Ariel Way Tenant Ltd.
Strategic moves
Company to raise no funds through IPO
Since the issue is an OFS, WeWork India will not receive any proceeds from the issue, and the funds will go entirely to the selling shareholders. The company currently operates in Tier-1 cities such as Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai. It manages 77 lakh sq. ft of space with an operational area of 70 lakh sq ft and a desk capacity of 1.03 lakh.