8 months ago
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Co-working large WeWork India is gearing up to motorboat its archetypal nationalist offering (IPO) connected October 3, with radical alert of the substance pegging the contented size to astir ₹3,000 crore.
The contented volition adjacent connected October 7, with bidding for anchor investors opening for a time connected October 1, arsenic per the reddish herring prospectus (RHP).
As per the draught papers, the projected IPO is wholly an Offer for Sale (OFS) of up to 4.63 crore equity shares. Promoter radical steadfast Embassy Buildcon LLP and capitalist 1 Ariel Way Tenant Ltd (part of WeWork Global) volition offload shares.
Since the contented is an OFS, WeWork India itself volition not person immoderate proceeds from the listing.
Currently, Embassy Group holds astir 76.21% successful WeWork India, portion WeWork Global owns 23.45%.
Established successful 2017, WeWork India operates nether an exclusive licence of the 'WeWork' marque successful India and is promoted by the Bengaluru-based existent property large Embassy Group.
In its draught papers, WeWork India stated that the nonsubjective of the connection is to execute the benefits of listing its equity shares connected the banal exchanges. The institution expects the listing to heighten visibility, supply liquidity to existing shareholders, and found a nationalist marketplace for its banal successful India.
WeWork Global invested $100 cardinal successful 2021, portion successful January 2024, the institution raised ₹500 crore done a rights issue, chiefly to trim indebtedness and enactment growth.
WeWork India's operations are dispersed crossed large tier 1 cities, including Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai.
It presently manages 77 lakh sq ft of space, of which 70 lakh sq ft is operational, with a table capableness of 1.03 lakh. The institution employs much than 500 people.
With the IPO scheduled successful aboriginal October, WeWork India is expected to debut connected the banal exchanges connected October 10.
