The IPO can be totally a suggestion on the market (OFS) of as much as 43.75 million fairness shares, based on the draft purple herring prospectus. Embassy Buildcon LLP, the promoter, plans to dump as much as 33.46 million shares, whereas investor 1 Ariel Method Tenant will promote as much as 10.29 million shares.
JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital, and 360 ONE WAM are the book-running lead managers.
WeWork India’s public provide was introduced out of abeyance by the markets regulator final week. The corporate is trying to raise Rs 4,000 crore through via listing, ET reported final week. Because the IPO is totally a suggestion on the market, the proceeds will go to the promoting shareholders.
WeWork India, backed by Bengaluru-based actual property main Embassy Group, holds the unique licence for the WeWork model in India since 2017. It operates 94,440 desks throughout 59 centres spanning 6.48 million sq. toes as of September 30, 2024. Its portfolio is closely concentrated in Grade A properties (about 93%), with centres in main cities together with Bengaluru, Mumbai, Pune, Hyderabad, Gurgaon, Noida, Delhi, and Chennai.
WeWork’s plan to promote its 27% stake within the Indian unit and exit the nation collapsed in late September 2024 on account of a valuation mismatch, even after the deal was cleared by Competition Commission of India, as ET reported. The remaining 73% is held by Embassy Group, which can be promoting a portion of its stake in IPO.
With a administration overhaul at WeWork US, a change in technique for the India market was anticipated.
Softbank-backed WeWork Inc. was cofounded by Adam Neumann and Miguel McKelvey in 2010 in New York. The corporate filed for Chapter 11 chapter within the US in November 2023 and appointed John Santora as chief government in June. Again then, WeWork India had assured that troubles on the international entity is not going to hamper its operations.
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