WeWork India's franchise receives green light for Initial Public Offering from the Securities and Exchange Board of India.
## WeWork India's IPO Approved by SEBI: Key Details and Overview
WeWork India, a leading workspace operator in the country, has received approval from the Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO). The IPO, an Offer for Sale (OFS), will not issue any new shares but instead will offer up to 43.7 million equity shares held by the selling shareholders.
### Structure and Selling Shareholders
The OFS includes up to 33.4 million equity shares held by Embassy Buildcon LLP, a subsidiary of the Indian real estate firm Embassy Group, and up to 10.2 million shares held by 1 Ariel Way Tenant Limited. Notably, the Embassy Group, a prominent real estate developer, is the majority owner of WeWork India and a significant promoter selling shareholder in this IPO.
### Role of Embassy Group
Embassy Group's substantial investment and influence in WeWork India are evident from its role in the IPO process. While the exact stake of Embassy Group in WeWork India isn't detailed in recent reports, their significant role underscores their substantial investment and influence in the company.
### SEBI Approval and Timeline
WeWork India filed its Draft Red Herring Prospectus (DRHP) in January 2025, and SEBI approval was granted in July 2025. The IPO was briefly put in abeyance in March before receiving final approval. SEBI's approval is a crucial step for any IPO, ensuring that the company meets all necessary legal and regulatory requirements.
### Company Overview and Financial Performance
WeWork India operates over 59 centers with approximately 94,400 desks across major cities like Bengaluru, Mumbai, Delhi-NCR, Pune, Hyderabad, and Chennai. The company reported a revenue from operations of ₹1,665.14 crore in fiscal 2024, up from ₹1,314.52 crore in fiscal 2023, though it incurred a loss of ₹135.77 crore in fiscal 2024.
### Office Space Portfolio
As of June 2024, about 93% of WeWork India's spaces were in grade A properties, with a total leasable area of 6.48 million square feet.
### Global Context
WeWork India is part of WeWork Global, a U.S.-based flexible office space provider with operations in approximately 600 locations across 35 countries. The IPO offer consists of 33 million equity shares held by Indian real estate firm Embassy Group and 10.3 million equity shares held by 1 Ariel Way Tenant.
Karan Virwani is the CEO of WeWork India, and Jitu Virwani and his son Karan own Bengaluru-based developer Embassy Group, which controls WeWork India. The IPO by WeWork India Management, the domestic franchisee of the U.S. shared office space manager, has been approved.
Investing in WeWork India's business involves buying shares from its significant promoter, the Embassy Group, a prominent real estate developer in India, as part of its Initial Public Offering (IPO). The Embassy Group's substantial investment in WeWork India is evident through their role in the IPO process and their status as the majority owner of the workspace operator in India.
