WeWork India is said to begin marketing Rs 3,500 cr IPO
Management Ltd. began marketing an initial public offering in the South Asian nation to raise as much as 35 billion rupees ($407 million), according to people familiar with the matter.
The workspace provider aims to launch its IPO in August, the people said, asking not to be identified as the information is private. The IPO will comprise the sale of as many as 43.75 million shares, according to an exchange filing.
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The plans haven't been finalized and are subject to change, according to the people. The company, which is one of the country's largest flexible workspace operators, didn't immediately respond to Bloomberg queries.
Controlling shareholder Embassy Buildcon LLP will sell as many as 33.46 million shares in WeWork India's IPO, while investor 1 Ariel Way Tenant Ltd. will offload as many as 10.29 million. The company received regulatory approval this week to proceed with the offering.
WeWork India joins
Awfis Space Solutions Ltd.
,
Smartworks Coworking Spaces Ltd.
and Executive Centre in turning to India to raise funds. Demand for flexible office space has been growing in the country as global companies expand back-office operations and seek more agile leasing models, according to Colliers India.
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As of September 30, 2024, WeWork India operated 94,440 desks across 59 centers, with total leasable area of 6.48 million square feet, according to a draft prospectus.
The offering will be managed by
JM Financial Ltd.
, ICICI Securities Ltd., Jefferies Financial Group Inc., Kotak Mahindra Capital Co. and
360 ONE WAM Ltd.
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