Co-working giant WeWork India is set to launch its initial public offering (IPO) on October 3, with insiders estimating the issue size at approximately ₹3,000 crore. The IPO will conclude on October 7, and bidding for anchor investors will open for one day on October 1, according to the red herring prospectus (RHP).
The proposed IPO consists entirely of an Offer for Sale (OFS) involving up to 4.63 crore equity shares. Shares will be offloaded by the promoter group firm Embassy Buildcon LLP and investor 1 Ariel Way Tenant Ltd, which is part of WeWork Global. Since the offering is an OFS, WeWork India will not receive any proceeds from the public listing.
Embassy Group currently holds a 76.21% stake in WeWork India, while WeWork Global owns 23.45%. Founded in 2017, WeWork India operates under an exclusive license of the ‘WeWork’ brand within the country, promoted by Bengaluru-based Embassy Group.
In its draft documents, WeWork India aims to achieve the benefits of listing on the stock exchanges. The company believes that becoming publicly listed will enhance visibility, provide liquidity for existing shareholders, and establish a public market for its stock in India.
WeWork Global previously invested $100 million in 2021 and raised ₹500 crore through a rights issue in January 2024 to reduce debt and facilitate growth. WeWork India has operations spread across major Tier 1 cities, including Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai.
The company manages a total of 77 lakh sq ft of space, with 70 lakh sq ft currently operational and a desk capacity of 1.03 lakh. WeWork India employs more than 500 individuals.
With the IPO scheduled for early October, WeWork India anticipates its debut on the stock exchanges on October 10.