WeWork India Set for IPO, Offers 43.75M Shares
WeWork India Management Ltd. is set to make its debut on the Indian stock exchange with an Initial Public Offering (IPO). The company has received approval from SEBI and has roped in a consortium of five investment banks as book-running lead managers for the OFS. No fresh issuance of shares will occur, with proceeds going directly to selling shareholders.
The IPO will offer up to 43,753,952 equity shares, with Embassy Buildcon LLP selling 33,458,659 shares and 1 Ariel Way Tenant Limited offering 10,295,293 shares. JM Financial Ltd. will act as the book-running lead manager, with MUFG Intime India Pvt. Ltd. serving as the registrar. Kotak Mahindra Capital Company, Axis Capital, BNP Paribas, Citigroup Global Markets India, and HDFC Bank will also play a significant role in the offer for sale.
WeWork India has established itself as the top player in India's premium flexible workspace segment for three consecutive years. As of September 30, 2024, the company operates 59 centers with 94,440 desks across a total leasable area of 6.48 million square feet. Nearly 93% of its portfolio is in premium buildings located in Tier 1 cities. The company boasts partnerships with multinational clients such as Amazon Web Services and JP Morgan. WeWork India operates under an exclusive licensing arrangement with its global parent and is majority-owned by Embassy Group.
The IPO is expected to further strengthen WeWork India's position in the market. With a strong portfolio and prominent partnerships, the company looks forward to a successful listing on the Indian stock exchange.
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