Upcoming IPO: Bengaluru-based workspace operator WeWork India has filed its draft red herring prospectus (DRHP) with the markets regulator, the Securities and Exchange Board of India (SEBI), as it aims to raise funds from the Indian stock market.
WeWork India is a flexible workspace operator in India that provides workspaces to our customers, including companies of all sizes and startups. The company primarily gives Grade A office spaces on lease across Tier 1 cities.
WeWork India IPO Details
WeWork India is offering a book-built public issue of an entire offer-for-sale (OFS) component of up to 4,37,53,952 or nearly 4.37 crore equity shares with a face value of ₹10 per share, according to the DRHP data.
The total value of the public issue is not disclosed in the DRHP documents.
There is no fresh issue portion in this initial public offering, and hence, all the proceeds raised from the public issue will go towards the promoters selling stakeholding in the firm, and the company will not receive any share of the money raised.
Embassy Buildcon LLP and 1 Ariel Way Tenant Ltd are the promoter selling stakeholder and the investor selling stakeholding, respectively. Embassy Buildcon LLP is selling up to 3.34 crore equity shares, and 1 Ariel Way Tenant Ltd is selling up to 1.02 crore equity shares via the IPO.
JM Financial Ltd, ICICI Securities Ltd, Jefferies India Pvt. Ltd, Kotak Mahindra Capital Co. Ltd, 360 ONE WAM Ltd are the book-running lead managers for the public issue, while MUFG Intime India Pvt Ltd (Formerly Link Intime India Pvt Ltd) is the registrar to the offer.
WeWork India Financials
WeWork India’s net profit for the September quarter of the financial year 2024-25 was ₹174.13 crore. The company made a net loss of ₹135.83 crore as of the financial year ended 2023-24, compared to a net loss of ₹145.86 crore in the financial year 2022-23. The company’s loss for the fiscal year ended 2021-12 was at ₹642.99 crore, according to the draft papers.
The total income for the company was ₹960.76 crore as of the second quarter of the 2024-25 fiscal. WeWork India’s net worth was ₹(259.88) during the same period.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
