WeWork India to go public, aims to sell 43.75 million shares
WeWork India has initiated the process of going public by submitting its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI). This step signifies a significant milestone in the lead-up to its upcoming initial public offering (IPO). The IPO entails an Offer for Sale (OFS) of a substantial number of equity shares amounting to 43,753,952. Notably, proceeds from the sale of these shares will not be received by WeWork India directly.
Embassy Buildcon LLP, a selling shareholder, aims to sell 33,458,659 equity shares, while 1 Ariel Way Tenant Limited, another selling shareholder, plans to dispose of approximately 10,295,293 equity shares. The Book Running Lead Managers for the issue include JM Financial Limited, ICICI Securities Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, and 360 ONE WAM Limited.
WeWork India, a distinguished provider of flexible workspaces, has established itself as the leading operator in India’s sector, holding the highest total revenue over the past three fiscal years as per CBRE data. The company caters to a diverse clientele, ranging from Fortune 500 companies to multinational corporations, large enterprises, and startups. Some of its notable members include Amazon Web Services, JP Morgan, Warner Bros. Discovery, Deutsche Telekom, and Grant Thornton.
Leveraging its close ties with Embassy Group, a premier real estate developer in India, and its affiliation with WeWork Global present in 35 countries, WeWork India has bolstered its standing in the flexible workspaces landscape across major Indian cities. The company’s strategic partnerships and robust network have contributed significantly to its success and reputation in the industry.
Launching a public offering aligns with WeWork India’s growth strategies and marks a new phase in its journey towards expansion and market visibility. The decision to enter the public market reflects the company’s commitment to enhancing its market presence, attracting potential investors, and pursuing avenues for further development. As it prepares for its IPO, WeWork India is poised to strengthen its position in the sector and make further inroads in the Indian market.
Overall, WeWork India’s IPO announcement underscores its confidence in its business model, growth prospects, and vision for the future. With a solid foundation, a diverse client base, and a strong market presence, WeWork India is well-positioned to capitalize on the opportunities presented by the public offering and advance its mission of providing innovative and flexible workspace solutions in India’s dynamic business environment.