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WeWork India gets Sebi nod for IPO; Embassy Buildcon to sell stake

Upcoming IPO: Embassy Buildcon-backed workspace operator WeWork India Management has received approval from the Securities and Exchange Board of India (Sebi) to launch its initial public offering (IPO). According to the draft red herring prospectus (DRHP), the company's maiden public issue comprises an offer for sale (OFS) of up to 43.75 million equity shares. The offer for sale comprises up to 33.45 million equity shares by Embassy Buildcon, the promoter selling shareholder. Additionally, 1 Ariel Way Tenant (investor selling shareholder) will offload up to 10.29 million equity shares. MUFG Intime India, formerly Link Intime India, is the registrar for the issue. JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital Company, and 360 ONE WAM are the book-running lead managers to the issue. About WeWork India Management Launched in 2017, WeWork India Management is a premium flexible workspace operator in India and has been the largest operator by total revenue in the past three financial years, according to the CBRE Report. It provides flexible, high-quality workspaces to customers, which include companies of all sizes. As of June 30, 2024, Grade A properties accounted for approximately 93 per cent of its portfolio. Embassy Group, one of India's leading real estate developers, owns a majority 73.8 per cent stake in WeWork India. The company has developed over 85 million square feet of commercial real estate and sponsors Embassy REIT - India's first REIT and Asia's largest office REIT by leasable area, according to CBRE. WeWork India caters to some of the global brands, including Amazon Web Services, JP Morgan, Warner Bros. Discovery, Deutsche Telekom, and Grant Thornton. The company is the exclusive licensee of the WeWork Brand in India. WeWork India's centres are located in Tier 1 cities in India, including Bengaluru, Mumbai, Pune, Hyderabad, Gurgaon, Noida, Delhi, and Chennai. 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. For the six-month period ended September 30, 2024, the company reported revenue from operations of ₹918.1 crore and net profit of ₹173.6 crore. In the fiscal year 2023-24 (FY24), WeWork India posted a revenue from operations of ₹1,665.1 crore and a net loss of 135.7 crore.