WeWork India Gets SEBI Nod for IPO; Top Player in Premium Flexible Workspace Segment
WeWork India, the leading player in India's premium flexible workspace segment, has received SEBI's nod for its IPO. The IPO, an Offer for Sale, involves no fresh issuance of shares, with proceeds going directly to selling shareholders.
WeWork India, majority-owned by Embassy Group (76.21%) with WeWork Global holding 23.45%, has been the top performer in its segment for three consecutive years. It operates under an exclusive licensing arrangement with its global parent and boasts partnerships with multinational clients like Amazon Web Services, JP Morgan, and Warner Bros. Discovery.
The IPO, slated for September 30, 2024, will offer up to 43,753,952 equity shares. Embassy Buildcon LLP will sell 33,458,659 shares, while 1 Ariel Way Tenant Limited will offer 10,295,293 shares. A consortium of five investment banks will act as book-running lead managers. As of the IPO date, WeWork India will have 94,440 desks across 59 centers, with a leasable area of 6.48 million square feet, primarily in Grade A properties across Tier 1 cities. Nearly 93% of its portfolio is in premium buildings, demonstrating its stronghold in the market.
With its IPO approval, WeWork India continues to solidify its position as the leading player in India's premium flexible workspace segment. The IPO, offering no fresh shares, is set to provide an opportunity for existing shareholders to cash in on their investments.
