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WeWork India Files DRHP with SEBI to Raise Funding via IPO

WeWork India Management Limited, the biggest operator in the Indian workspace sector, has recently submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI).

By Aryan Sharma
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WeWork India Files DRHP with SEBI to Raise Funding via IPO

WeWork India Management Limited, the biggest operator in the Indian workspace sector, has recently submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI).

The IPO will be an offer-for-sale, which means no new funds will be raised for the company. Instead, current stakeholders will sell part of their shares.

WeWork India is offering up to 4,37,53,952 (about 4.37 crore) equity shares, each with a face value of ₹10, in a book-built public issue as part of an offer-for-sale (OFS), according to the DRHP data.

The total value of the public issue is not mentioned in the DRHP. Since there is no new share issue in this IPO, all the funds raised will go to the promoters selling their shares, and the company will not receive any funds.

Read also- January 2025 Funding Recap : Top Investments Across Sectors

JM Financial Limited, ICICI Securities Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited and 360 ONE WAM Limited have been appointed as the main managers for the issue.

WeWork India reported a net profit of Rs 174.13 crore for the September quarter of the 2024-25 financial year. In comparison, it had a net loss of Rs 135.83 crore for the full year 2023-24, which was an improvement from a loss of Rs 145.86 crore in 2022-23 and Rs 642.99 crore in 2021-22. 

About WeWork India

WeWork India was launched in 2017 by its parent company, which was led by Adam Neumann at the time, in partnership with Karan Virwani, CEO of Embassy Group. As of September 30, 2024, WeWork India had 59 centers with 94,440 desks across eight cities in India.

Its clients include big names like Amazon Web Services, JP Morgan Services, Deutsche Telekom, and Grant Thornton Bharat.

In June 2024, India’s competition regulator approved the sale of WeWork Inc.'s stake in the Indian business to Real Trustee Advisory Company, allowing WeWork to exit the Indian market.

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