WeWork IPO Day 1 Highlights: WeWork IPO subscription status was 4% on day 1. The retail portion was subscribed 14%, and NII portion has been booked 2%, Qualified Institutional Buyers (QIBs) portion received 2% bids. The employee portion booked 90%.
The company has received bids for 11,12,257 shares against 2,54,89,748 shares on offer, at 17:00 IST, according to data on BSE.
WeWork India, a co-working space provider, will commenced its public offering on October 3 and will conclude it on October 7. WeWork IPO price band has been set between ₹615 and ₹648 per share, which values the company at approximately ₹8,685 crore at the highest price point.
WeWork IPO GMP today is ₹15. This indicates WeWork share price was trading at a premium of ₹15 in the grey market, according to investorgain.com.
WeWork IPO represents a complete Offer for Sale (OFS) of up to 4.63 crore equity shares, where promoter group entity Embassy Buildcon LLP and investor 1 Ariel Way Tenant Ltd (affiliated with WeWork Global) will sell portions of their stakes. The estimated value of the proposed IPO reaches ₹3,000 crore at the upper price band.
Presently, the Embassy Group owns around 76.21 percent of WeWork India, while WeWork Global possesses 23.45 percent.
Since the issue is an Offer for Sale (OFS), WeWork India will not receive any proceeds from this issuance, and all funds will be directed to the selling shareholders.
WeWork India, established in 2017, operates under an exclusive license for the WeWork brand in India. The company is promoted by the Bengaluru-based real estate developer Embassy Group.
(Stay tuned for more updates)
