WeWork Gets SEBI Nod, NSE Bags Top Rankings & PhonePe Hires Key Figure Ahead of IPO
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One of India's leading premium flexible workspace operators, WeWork India Management Limited, and the largest operator by total revenue in the past three Fiscals, according to CBRE has been given the green signal by the markets regulator, Securities and Exchange Board of India (SEBI), to go public.
The company's initial public offering (IPO) will consist of an Offer for Sale (OFS) component by promoters selling their equity shares of up to 43,753,952 equity shares, as per DOD.
The offer for sale comprises up to 33,458,659 equity shares by Embassy Buildcon LLP, which is the "Promoter Selling Shareholder", and up to 10,295,293 equity shares by 1 Ariel Way Tenant Limited, which is the "Investor Selling Shareholder".
JM Financial Limited, ICICI Securities Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, and 360 ONE WAM Limited are the Book Running Lead Managers (BRLMs) to the issue.
WeWork India is majority-owned by Embassy Group, one of India's leading real estate developers, which has developed over 85 million square feet of commercial real estate and sponsors Embassy REIT - India's first (Real Estate Investment Trust) REIT and Asia's largest office REIT by leasable area, according to data from CBRE.
As of June 30, 2024, Grade A properties accounted for approximately 93 per cent of its portfolio, according to CBRE.
WeWork India's operations are located across Tier 1 cities in India - Bengaluru, Mumbai, Pune, Hyderabad, Gurgaon, Noida, Delhi, and Chennai. The company also operates WeWork Global, a global flexible office space concept with approximately 600 wholly-owned and licensed locations in 35 countries.
As of September 30, 2024, WeWork India's portfolio comprised 94,440 desks across 59 operational Centres with an aggregate leaseable area for operational centres of 6.48 million square feet.
NSE Ranks Fourth Globally
India's National Stock Exchange (NSE) secured the fourth spot globally in IPO fundraising during the first half of 2025, raising USD 5.51 billion, according to an S&P Global Market Intelligence report. The NSE trailed behind the Nasdaq Global Market, NYSE, and Nasdaq Global Select Market, contributing 8.9 per cent of total IPO proceeds worldwide during the period.
In 2024, Indian exchanges wrapped up the year with a total of INR 1.71 lakh crore raised through 333 IPOs. This included standout listings such as Hyundai Motor India's USD 3.3 billion offering, one of the largest in the country's capital markets history.
Although the year began on a slower note compared to the same period in 2024, Indian markets witnessed 119 IPOs between January and June 2025, collectively raising INR 51,150 crore. This was higher than the INR 37,682 crore raised from 157 IPOs during the first half of 2024, S&P data revealed.
While domestic and global equity markets showed volatility at the start of 2025, S&P's report notes signs of a recovery underway.
PhonePe Hires Key Figure
PhonePe, the Walmart-backed digital payments major, has appointed Shivnath Thukral as its Vice President for Public Policy and Government Affairs. Thukral, who previously led public policy efforts at Meta India, joins PhonePe's leadership at a critical juncture as the company prepares for its much-anticipated initial public offering (IPO).
In his new role, Thukral will spearhead PhonePe's external engagement strategy and work closely with regulators and policymakers. He will also contribute to enhancing the company's thought leadership within the broader fintech ecosystem.
Thukral recently concluded a seven-and-a-half-year stint at Meta India, where he was responsible for public policy and strategic advocacy.
PhonePe, which transitioned into a public company in April 2025, is actively building momentum for its IPO. The company has brought on board leading financial advisors, including Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley, and is reportedly targeting a valuation of around USD 15 billion.
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