The IPO will comprise an Offer for Sale (OFS) of up to 43,753,952 equity shares, with no fresh issue of shares involved. The OFS includes up to 33,458,659 equity shares offered by Embassy Buildcon LLP, the Promoter Selling Shareholder, and up to 10,295,293 equity shares by 1 Ariel Way Tenant Limited, an Investor Selling Shareholder, the document mentioned.
A consortium of leading investment banks—JM Financial Limited, ICICI Securities Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, and 360 ONE WAM Limited—has been appointed as the Book Running Lead Managers to the issue.
WeWork India has emerged as the largest operator by total revenue in the premium flexible workspace segment in India for the past three fiscal years, according to CBRE. The company’s strong brand, world-class infrastructure, and association with the WeWork global network have helped it establish long-term relationships with global enterprises such as Amazon Web Services, JP Morgan, Warner Bros. Discovery, Deutsche Telekom, and Grant Thornton.
WeWork India operates under an exclusive licensing agreement with the global WeWork brand and is majority-owned by Embassy Group, one of India’s most prominent real estate developers. Embassy has delivered over 85 million sq. ft. of commercial real estate and is the sponsor of Embassy REIT, India’s first and Asia’s largest office REIT by leasable area.
The company designs, builds, and operates workspaces, with a strong presence in Grade A properties, which made up about 93% of its portfolio as of June 30, 2024. WeWork India operates across Tier 1 cities including Bengaluru, Mumbai, Delhi, Gurgaon, Noida, Pune, Hyderabad, and Chennai.As of September 30, 2024, WeWork India’s operational portfolio comprised 94,440 desks across 59 centres, spanning a total leaseable area of 6.48 million sq. ft. The company also benefits from WeWork Global’s extensive footprint of approximately 600 locations across 35 countries.
