MUMBAI: Flexible workspace pioneer WeWork India Management, which leads the segment in terms of revenue, has launched its Rs 3,000-crore secondary issue through the IPO route, pricing the offering, opening on October 3, at the Rs 615-648 range.
Through the OFS, WeWork is selling 46,296,296 shares led by the promoter Embassy Buildcon which is selling 35,402,790 shares, while 10,893,506 shares are being sold by 1 Ariel Way Tenant which is an investor.
The company is majority-owned by the developer Embassy Group, which has developed over 85 million square feet of commercial real estate and sponsors the Embassy Reit, which is the country’s first and Asia’s largest office Reit by leasable area, according to CBRE.
Recently, co-working space providers such as Smartworks, Awfis, IndiQube and DevX listed and received an overwhelming response from investors.
WeWork’s centres are located across Bengaluru, Mumbai, Pune, Hyderabad, Gurgaon, Noida, Delhi and Chennai.
The company benefits from its parent WeWork Global, a pioneer of flexible office space globally with around 600 wholly-owned and licensed locations in 35 countries. As of September 2024, WeWork India’s portfolio comprised 94,440 desks across 59 operational centres with an aggregate leasable area of 6.48 million square feet.