WeWork India Set to Launch INR 3,000 Cr IPO on October 3 The subscription window will close on October 7, while bidding for anchor investors will open for one day on October 1.
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WeWork India is preparing to hit the capital markets with its initial public offering on October 3. According to people familiar with the matter, the issue size is expected to be close to INR 3,000 crore.
The subscription window will close on October 7, while bidding for anchor investors will open for one day on October 1, as mentioned in the red herring prospectus (RHP).
The proposed issue will be an Offer for Sale of up to 4.63 crore equity shares. Promoter group firm Embassy Buildcon LLP and investor 1 Ariel Way Tenant Ltd, which is part of WeWork Global, will sell their stakes through the offer. Since the issue is an OFS, the company itself will not receive any proceeds from the listing.
Currently, Bengaluru-based Embassy Group holds about 76.21 percent in WeWork India, while WeWork Global owns 23.45 percent.
The company was established in 2017 and operates under an exclusive license of the WeWork brand in India, promoted by Embassy Group.
The company has stated that the objective of the offer is to secure the benefits of listing its shares on the stock exchanges. The management expects the listing to enhance visibility, provide liquidity to shareholders, and create a public market for its stock in India.
WeWork Global invested USD 100 million in the business in 2021. Earlier this year, in January, the company raised INR 500 crore through a rights issue, with funds used mainly to reduce debt and support business expansion.
WeWork India's footprint covers key tier I cities such as Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai.
The company manages 77 lakh square feet of space, of which 70 lakh square feet is operational, with a desk capacity of 1.03 lakh. More than 500 employees are part of its workforce.
The shares are expected to debut on the stock exchanges on October 10, following the completion of the IPO process.
