WeWork India to drift 3,000-crore IPO on October 3

Co-working main WeWork India is gearing as much as launch its preliminary public providing (IPO) on October 3, with folks conscious of the matter pegging the difficulty dimension to just about ₹3,000 crore.

The concern will shut on October 7, with bidding for anchor buyers opening for a day on October 1, as per the pink herring prospectus (RHP).

As per the draft papers, the proposed IPO is fully an Offer for Sale (OFS) of as much as 4.63 crore fairness shares. Promoter group agency Embassy Buildcon LLP and investor 1 Ariel Way Tenant Ltd (a part of WeWork Global) will offload shares.

Since the difficulty is an OFS, WeWork India itself won’t obtain any proceeds from the itemizing.

Currently, Embassy Group holds about 76.21% in WeWork India, whereas WeWork Global owns 23.45%.

Established in 2017, WeWork India operates underneath an unique license of the ‘WeWork’ model in India and is promoted by the Bengaluru-based actual property main Embassy Group.

In its draft papers, WeWork India acknowledged that the target of the supply is to attain the advantages of itemizing its fairness shares on the inventory exchanges. The firm expects the itemizing to reinforce visibility, present liquidity to current shareholders, and set up a public marketplace for its inventory in India.

WeWork Global invested $100 million in 2021, whereas in January 2024, the corporate raised ₹500 crore by a rights concern, primarily to scale back debt and help progress.

WeWork India’s operations are unfold throughout main tier 1 cities, together with Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai.

It presently manages 77 lakh sq ft of area, of which 70 lakh sq ft is operational, with a desk capability of 1.03 lakh. The firm employs greater than 500 folks.

With the IPO scheduled in early October, WeWork India is anticipated to debut on the inventory exchanges on October 10.