WeWork India is set to launch its initial public offering (IPO) worth ₹3,000 crore from October 3-7, PTI reported, citing sources. For anchor investors, bidding will open on October 1, the agency reported citing the company’s red herring prospectus (RHP).
The company in its RHP stated that the IPO comes as it aims to “achieve the benefits of listing its equity shares on the stock exchanges”. WeWork India expects the listing to “enhance visibility, provide liquidity to existing shareholders, and establish a public market for its stock in India”, it added.
About WeWork India
Established in 2017, WeWork India is promoted by Bengaluru-based real estate major Embassy Group and operates under an exclusive license of the ‘WeWork’ brand. In 2021, WeWork Global invested $100 million in the unit, and by January 2024, it had raised ₹500 crore through a rights issue, primarily to reduce debt and support growth.
WeWork India’s operations are spread across major tier 1 cities, including Bengaluru, Chennai, Delhi, Gurugram, Hyderabad, Mumbai, Noida and Pune.
It currently manages 77 lakh sq ft of space, of which 70 lakh sq ft is operational, with a desk capacity of 1.03 lakh. The company employs more than 500 people.
