WeWork India, a Bengaluru-based co-working company, is set to float its mainboard initial public offering (IPO) worth Rs 3,000 crore from October 3- October 7.
The bidding for anchor investors will ensue on October 1, as per company’s red herring prospectus, citing media reports.
According to the IPO-bond firm’s RHP. the public listing comes as it aims to “achieve the benefits of listing its equity shares on the stock exchanges”.
WeWork India expects the listing to “enhance visibility, provide liquidity to existing shareholders, and establish a public market for its stock in India”, it said
WeWork India’s proposed IPO is entirely an Offer for Sale (OFS) of up to 4.63 crore equity shares, according to media reports.
The promoter group entity Embassy Buildcon LLP and investor 1 Ariel Way Tenant Ltd (part of WeWork Global) will be offloading their stake in this firm.
Since the issue is an OFS, WeWork India itself will not receive any proceeds from the listing. At present, Embassy Group holds about 76.21 per cent in WeWork India, while WeWork Global owns 23.45 per cent, it added.
The Bengaluru-based co-working company currently manages 77 lakh sq ft of space, of which 70 lakh sq ft is operational, with a desk capacity of 1.03 lakh. The company employs more than 500 people.
With the IPO scheduled in early October, WeWork India is expected to debut on the stock exchanges on October 10.
Established in 2017, WeWork India is promoted by Bengaluru-based real estate major Embassy Group and operates under an exclusive license of the ‘WeWork’ brand. In 2021, WeWork Global invested $100 million in the unit, and by January 2024, it had raised ₹500 crore through a rights issue, primarily to reduce debt and support growth.
