NEW DELHI: The initial public offering (IPO) of WeWork India Management Ltd, a co-working space operator, has seen a 13% subscription rate by the second day of the share sale on Monday.
According to NSE data, the IPO has received bids for 3,423,780 shares out of the 25,489,748 shares offered.
In terms of investor categories, the Retail Individual Investors (RIIs) segment has been subscribed at 37%, while the Qualified Institutional Buyers (QIBs) and non-institutional investor quotas received 9% and 6% subscriptions, respectively.
WeWork India has raised over ₹1,348 crore from anchor investors.
The ₹3,000 crore issue will close on Tuesday, with a price range set at ₹615-648 per share, valuing the company at approximately ₹8,685 crore at the upper end.
This IPO is entirely an offer for sale (OFS) of up to 4.63 crore equity shares, with promoter group entity Embassy Buildcon LLP and investor 1 Ariel Way Tenant Ltd (part of WeWork Global) divesting their stakes.
Currently, Embassy Group owns about 76.21% of WeWork India, while WeWork Global holds 23.45%.
As this is an OFS, WeWork India will not receive any proceeds from the sale; all funds will go to the selling shareholders.
In its draft documents, WeWork India expressed that its main objective is to gain the benefits of being listed on stock exchanges. The company anticipates that listing will enhance visibility, provide liquidity for existing shareholders, and create a public market for its shares in India.
Founded in 2017, WeWork India operates under an exclusive license from the WeWork brand, promoted by Bengaluru-based Embassy Group. The company operates across Tier-1 cities, including Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai, managing 7.7 million sq. ft of space, with 7 million sq. ft currently operational, accommodating over 103,000 desks. The firm employs over 500 people.
