MUMBAI: Flexible workspace pioneer WeWork India Management, which leads the segment in terms of revenue, is set to launch its initial public offering (IPO) in the first week of October, planning to garner around Rs 3,000 crore from the share sale. The company received the final approval from Sebi in July.
Recently, co-working space providers such as Smartworks, Awfis, IndiQube, and DevX listed and received an overwhelming response from investors. WeWork India has also reportedly garnered strong investor interest during its roadshows, according to market sources.
WeWork’s initial public offering comprises an OFS of up to 43,753,952 shares. The OFS is led by the promoter Embassy Buildcon selling up to 33,458,659 shares and up to 10,295,293 shares by 1 Ariel Way Tenant which is an investor. The company is majority-owned by the Embassy Group, which has developed over 85 million square feet of commercial real estate and sponsors Embassy Reit—the first Reit and Asia’s largest office Reit by leasable area, according to CBRE.
WeWork’s centres are located across Bengaluru, Mumbai, Pune, Hyderabad, Gurgaon, Noida, Delhi and Chennai. The company benefits from 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.
JM Financial, ICICI Securities, Jefferies, Kotak Mahindra Capital, and 360 One Wam are the book-running lead managers to the issue.