WeWork India has submitted the preliminary prospectus to the Securities and Exchange Board of India (SEBI) for its upcoming initial public offering (IPO), which will be conducted solely through an offer for sale of up to 4.4 crore shares.
The offer for sale consists of up to 3.35 crore shares by promoter selling shareholder Embassy Buildcon LLP and over 1 crore shares by investor selling shareholder 1 Ariel Way Tenant.
As the entire issue is through offer for sale, the company will not receive any proceeds from the offer.
WeWork India holds the exclusive license for the WeWork brand in India through an operations and management agreement with WeWork International. This agreement grants it the exclusive right to sell goods and services bearing the WeWork brand within licensed locations in India, although WeWork Global is not involved in the day-to-day management of the company in India.
Majority-owned by the Embassy group, WeWork India offers flexible workspaces to a diverse range of customers, including large enterprises, small and mid-size businesses, start-ups, and individuals. Its member base includes Fortune 500 companies, international and domestic corporations, large enterprises, MSMEs, and start-ups.
Some of the global brands occupying WeWork India’s premises include Amazon, JP Morgan, Warner Brothers, Discovery, Deutsche Telekom, and Grant Thornton.
As of September 30, 2024, WeWork India’s portfolio consisted of over 94,000 desks across 59 centers with a leasable area of 6.48 million square feet.
JM Financial, ICICI Securities, Jefferies, Kotak Mahindra Capital Company, and 360 ONE WAM are the lead managers for the IPO.
Published on February 2, 2025.
