Co-working major WeWork India is preparing to launch its initial public offering (IPO) on October 3, with the issue size expected to be around Rs 3,000 crore. The IPO will close on October 7, with anchor investor bidding open for a day on October 1, according to the company’s red herring prospectus (RHP).
The IPO will be an Offer for Sale (OFS) of up to 4.63 crore equity shares, meaning WeWork India itself will not receive any proceeds from the listing. Shares will be sold by promoter firm Embassy Buildcon LLP and investor Ariel Way Tenant Ltd (part of WeWork Global).
Currently, Embassy Group holds 76.21% of WeWork India, while WeWork Global owns 23.45%.
Company Background
Founded in 2017, WeWork India operates under an exclusive license of the WeWork brand in India and is promoted by the Bengaluru-based Embassy Group.
The company stated that the IPO aims to enhance visibility, provide liquidity for existing shareholders, and create a public market for its stock in India.
Past Funding and Growth
WeWork Global invested $100 million in 2021, and in January 2024, WeWork India raised Rs 500 crore through a rights issue, primarily to reduce debt and support growth.
The company currently manages 77 lakh sq ft of workspace, of which 70 lakh sq ft is operational, with a desk capacity of 1.03 lakh. Operations span major tier 1 cities including Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai, employing over 500 people.
Expected Listing
With the IPO opening in early October, WeWork India is expected to debut on the stock exchanges on October 10, marking a significant step for the company’s visibility and market presence.
