WeWork India sets IPO price band at ₹615-₹648 per share
What's the story
WeWork India Management has announced the price band for its upcoming initial public offering (IPO). The company plans to offer shares at a price range of ₹615 to ₹648 each with a lot size of 23. The total IPO consists of up to 46,296,296 equity shares with a face value of ₹10 per share. At the upper end of the price range, WeWork India hopes to raise as much as ₹3,000 crore through this public offering.
Offering details
Fresh issue of equity shares and OFS
The WeWork India IPO includes both a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders. Embassy Buildcon, the promoter selling shareholder, will sell up to 35,402,790 shares while 1 Ariel Way Tenant Limited will sell up to 10,893,506 shares. The company intends to use the funds from this public offering to expand its operations and provide an exit opportunity for current investors.
Subscription details
Key dates for the IPO
The anchor investor bidding for the WeWork India IPO will take place on October 1. The public subscription period will open on October 3 and close on October 7. The allotment of shares is likely to be finalized by October 8, with refunds initiated by October 9. Shares are expected to be credited to allottees' demat accounts on the same day after refund processing.
Investor allocation
WeWork India reserves shares for various investor categories
WeWork India's IPO has reserved at least 75% of the shares in the public issue for Qualified Institutional Buyers (QIBs), not more than 15% for Non-Institutional Investors (NIIs), and not more than 10% for retail investors. This strategic distribution is aimed at ensuring a balanced participation from various categories of investors in the upcoming public offering.