New Delhi: The first public offer (IPO) from Co-Working Space Operator WeWork India Management LTD received 4 percent subscription on the first day of stock sales on Friday.
The IPO received bids for 11.10,440 shares at 2.54.89.748 shares that are offered, according to NSE data.
The quota for individual individual investors (RIIS) was subscribed to 14 percent, while the categories for qualified institutional buyers and non-institutional investors each received 2 percent subscription.
Wework India has collected a little more than RS 1,348 Crore from anchor investors.
The RS 3000-Crore issue of the company will be closed on 7 October. The price band is set at RS 615-648 per share, so that the company is appreciated at the top around RS 8,685 crore.
The IPO, fully an offer for sale of a maximum of 4.63 CRORE shares shares, will coordinate their commitment (part of Wework Global) Promotion Group Entity Embassy Buildcon LLP and Investor 1 Ariel Way Tenant LTD (part of Wework Global).
Currently, the embassy group has around 76.21 percent in Wework India, while Wework Global owns 23.45 percent.
Since the issue is an OFS, WeWork India does not receive any proceeds from the issue and the funds will fully go to the sale of shareholders.
In its concept documents, Wework India stated that the aim of the offer is to achieve the benefits of mentioning his shares at the stock exchanges. The company expects the offer to improve visibility, offer liquidity to existing shareholders and a public market for its shares in India.
Wework India, founded in 2017, works under an exclusive license from the Work brand in India, promoted by the Embassy Group, established in Bengaluru.
Wework India is currently working in cities of Tier-1, including Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi and Chennai, who manage 77 Lakh sq ft space, of which 70 Lakh SQ FT is operational, with a desk capacity of 1.03 lakh. The company has more than 500 people.
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