NEW DELHI: WeWork India is set to launch its initial public offering (IPO) on October 3, with estimates suggesting an issue size of nearly Rs 3,000 crore.
The offering will close on October 7, with anchor investor bidding opening for a day on October 1, according to the red herring prospectus (RHP).
The proposed IPO consists entirely of an Offer for Sale (OFS) of up to 4.63 crore equity shares, with promoter group firm Embassy Buildcon LLP and investor 1 Ariel Way Tenant Ltd (part of WeWork Global) slated to offload the shares.
Since this is an OFS, WeWork India will not receive any proceeds from the listing.
Currently, Embassy Group holds approximately 76.21% in WeWork India, while WeWork Global owns 23.45%.
Founded in 2017, WeWork India operates under an exclusive license for the ‘WeWork’ brand in the country, backed by the Bengaluru-based Embassy Group.
In its draft papers, WeWork India expressed that the offer aims to achieve the benefits of listing its shares on the stock exchanges. The company anticipates that listing will boost visibility, provide liquidity for existing shareholders, and create a public market for its stock in India.
WeWork Global invested USD 100 million in 2021. In January 2024, the company raised Rs 500 crore via a rights issue to primarily reduce debt and foster growth.
WeWork India operates across major Tier 1 cities, including Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai. It manages 77 lakh sq ft of space, with 70 lakh sq ft operational and a desk capacity of 1.03 lakh. The company employs over 500 individuals.
The IPO is expected to debut on the stock exchanges on October 10.
