Upcoming IPO: WeWork India Raises Over Rs 1,300 Crore From Investors, Listing Opens Tomorrow
The Rs 3,000-crore IPO, priced between Rs 615 and Rs 648 per share, will run from October 3 to October 7. At the upper end, the issue values the company at nearly Rs 8,685 crore.
WeWork India has secured more than Rs 1,348 crore from anchor investors before its much-awaited initial public offering (IPO), set to open for public subscription on October 3.
The company, which operates co-working spaces under an exclusive licence of the WeWork brand in India, witnessed robust participation from both domestic and global investors, underscoring confidence in its growth prospects, reported PTI.
Strong Interest from Domestic and Global Players
According to a circular on the BSE website, 2,08,06,548 equity shares were allotted to 67 funds at Rs 648 apiece, taking the anchor investment size to Rs 1,348.26 crore.
Among the domestic institutions were mutual fund majors such as ICICI Prudential MF, HDFC MF, Motilal Oswal MF, Aditya Birla Sun Life MF, Axis MF and Canara-Robeco MF. Insurance firms, including SBI General Insurance, Kotak Mahindra Life Insurance, Canara HSBC Life Insurance and Bajaj Allianz Life Insurance, also participated.
On the global front, Goldman Sachs Fund, Al Mehwar Commercial Investments LLC (Wanda) and Allianz Global Investors joined the anchor book, adding further strength to the demand.
IPO Details and Structure
The Rs 3,000-crore IPO, priced between Rs 615 and Rs 648 per share, will run from October 3 to October 7. At the upper end, the issue values the company at nearly Rs 8,685 crore. The entire offering is an Offer for Sale (OFS) of up to 4.63 crore equity shares, with promoter entity Embassy Buildcon LLP and investor 1 Ariel Way Tenant Ltd (part of WeWork Global) offloading stakes. Since it is an OFS, WeWork India will not receive any proceeds, with funds going directly to the selling shareholders.
Currently, Embassy Group holds about 76.21 per cent in WeWork India, while WeWork Global owns 23.45 per cent. The listing aims to enhance visibility, provide liquidity to existing investors, and establish a public market for its shares in India.
Expansion and Market Presence
Founded in 2017, WeWork India operates across major Tier-1 cities such as Bengaluru, Mumbai, Delhi, Chennai, Hyderabad, Pune, Gurugram and Noida. It manages a total portfolio of 77 lakh square feet, of which 70 lakh square feet is operational, with a desk capacity of 1.03 lakh. The firm employs more than 500 people.
The IPO reserves 75 per cent of shares for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and 10 per cent for retail investors. Investors can bid for a minimum of 23 shares and in multiples thereafter. The listing on the stock exchanges is expected by October 10.
WeWork Global had earlier invested $100 million in 2021, while WeWork India raised Rs 500 crore in January 2024 through a rights issue to reduce debt and fuel expansion. With its IPO, the company aims to strengthen market presence, broaden its investor base and cement its position as one of India’s leading flexible workspace providers.
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