Wework India to drive RS 3000-Crore IPO on October 3

Co-Working Major Wework India is preparing to launch its first public offer (IPO) on 3 October, where people are aware of the issue that holds the problem size to almost RS 3,000 crore.

The issue will be closed on October 7, whereby bidding for anchor investors who open a day on October 1, according to the Red Herring Prospectus (RHP).

According to the concept documents, the proposed IPO is fully an offer for sale (OFS) of a maximum of 4.63 crore shares. Promoter Group firm Embassy Buildcon LLP and Investor 1 Ariel Way Tenant LTD (part of Wework Global) will discharge shares.

Since the problem is an OFS, Wework India itself does not receive any yields from the list.

Currently, the embassy group has around 76.21 percent in Wework India, while Wework Global owns 23.45 percent.

Wework India, founded in 2017, works under an exclusive license from the ‘WeWork’ brand in India and is promoted by the real estate Major Embassy Group established in Bengaluru. In its concept documents, Wework India stated that the objective of the offer is to achieve the benefits of mentioning the shares of shares on the exchange exchange. The company expects the offer to improve visibility, offer liquidity to existing shareholders and a public market for its shares in India.

The activities of Wework India are spread over large Tier 1 cities, including Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi and Chennai.

It currently manages 77 Lakh SQ FT space, of which 70 Lakh is square meters operational, with a desk capacity of 1.03 Lakh. The company has more than 500 people.

With the IPO planned in the beginning of October, Work India will be expected to debut at the stock exchanges of the shares on 10 October.