WeWork India Management Ltd. is likely to launch a ₹3,000-crore IPO on 3 October, PTI reported citing sources, underscoring the fundraising overdrive in the world's third largest stock market.
The WeWork IPO is scheduled for 3-7 October with an anchor placement likely on 1 October, the sources said. A listing is scheduled for 10 October.
The proposed WeWork India IPO according to its draft red-herring prospectus is a pure offer for sale of 4.63 crore shares wherein promoter group Embassy Buildcon LLP and WeWork Inc.'s 1 Ariel Way Tenand Ltd. will offload stock. WeWork India itself won't receive any proceeds from the share sale. Embassy Group holds 76.21% stake in WeWork India. WeWork Global owns 23.45%.
WeWork India, in its DRHP, stated that the objective of the IPO is to achieve the benefits of listing — more visibility, liquidity for promoters, etc.
Established in 2017, WeWork India operates under an exclusive licence of the 'WeWork' brand in India and is promoted by Bengaluru-based Embassy Group. In 2021, WeWork Global invested $100 million. In January 2024, it raised ₹500 crore via a rights issue to reduce debt and support growth.
The company operates co-working spaces in cities like Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai. That's 77 lakh square feet of space for 1.03 lakh desks. The company employs more than 500 people.
{{/usCountry}}The company operates co-working spaces in cities like Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai. That's 77 lakh square feet of space for 1.03 lakh desks. The company employs more than 500 people.
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