Latest news with #WeWorkIndiaManagement
&w=3840&q=100)
Business Standard
15-07-2025
- Business
- Business Standard
Office space company WeWork India gets regulatory approval for IPO
WeWork India Management, a flexible office space provider majority-owned by Bengaluru-based Embassy Group, has received the market regulator's approval for an initial public offering (IPO). The company had submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) in February 2025. Sebi agreed to the IPO last week after putting it in abeyance in March. The IPO comprises an offer for sale (OFS) of equity shares of up to 43.7 million equity shares. The offer proceeds will not go to the company but to selling shareholders after deducting offer-related expenses and relevant taxes. The OFS comprises up to 33.4 million equity shares by Embassy Buildcon LLP (promoter selling shareholder) and up to 10.2 million equity shares by 1 Ariel Way Tenant Limited (investor selling shareholder). The company's net debt was Rs 529.43 crore as of September 2024. Revenue from operations in FY2024 stood at Rs 1,665.14 crore, compared to Rs 1,314.52 crore in FY23. The company incurred a loss of Rs 135.77 crore in FY24, compared to a loss of Rs 146.81 crore in FY23. WeWork India has workspaces in Bengaluru, Mumbai, Pune, Hyderabad, Gurgaon, Noida, Delhi, and Chennai. As of June 30, 2024, grade A properties accounted for approximately 93 per cent of its portfolio. Its portfolio comprised 94,440 desks at 59 operational centres with an aggregate leasable area of 6.48 million square feet.
&w=3840&q=100)
Business Standard
15-07-2025
- Business
- Business Standard
WeWork India secures Sebi nod for IPO; 43.7 million shares to be offered
WeWork India Management, a flexible office space provider majorly promoted and owned by Bengaluru-based Embassy Group, has received approval for its initial public offering (IPO) from the Securities and Exchange Board of India (Sebi). The company had submitted its draft red herring prospectus (DRHP) in February 2025. In March 2025, Sebi had put the IPO in abeyance. Last week (8 July), the regulator informed that the IPO was taken out of abeyance. The IPO comprises an offer for sale (OFS) of up to 43.7 million equity shares. The company will not receive any proceeds from the offer, and all the offer proceeds will be received by the selling shareholders after deduction of offer-related expenses and applicable taxes. The OFS comprises up to 3.34 crore equity shares by Embassy Buildcon LLP (promoter selling shareholder) and up to 1.02 crore equity shares by 1 Ariel Way Tenant Limited (investor selling shareholder). The company's net debt stood at ₹529.43 crore as of September 2024. In the financial year 2024 (FY24), its revenue from operations stood at ₹1,665.14 crore, against ₹1,314.52 crore in FY23. In FY24, the company incurred a loss of ₹135.77 crore, compared to a loss of ₹146.81 crore in FY23. The company offers workspaces by designing, building and operating them. As of 30 June 2024, grade-A properties accounted for approximately 93 per cent of its portfolio. As of 30 September 2024, WeWork India's portfolio comprised 94,440 desks across 59 operational centres, with an aggregate leaseable area of 6.48 million square feet. WeWork India's centres are located in tier-1 cities in India — Bengaluru, Mumbai, Pune, Hyderabad, Gurgaon, Noida, Delhi and Chennai. The company is the Indian arm of US-based WeWork Global, a flexible office space provider with approximately 600 wholly owned and licensed locations across 35 countries.
&w=3840&q=100)
Business Standard
15-07-2025
- Business
- Business Standard
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.
Business Recorder
15-07-2025
- Business
- Business Recorder
India markets regulator approves WeWork franchisee's IPO
India's markets regulator has approved an initial public offering by WeWork India Management , the domestic franchisee of the U.S. shared office space manager, according to a regulatory notice on Tuesday. WeWork India had filed draft papers for the IPO in early February. The offer consists of 33 million equity shares held by Indian real estate firm Embassy Group and 10.3 million equity shares held by 1 Ariel Way Tenant. The company will not issue new shares. It has not disclosed how much it intends to raise through the IPO. WeWork India is controlled by real estate tycoon Jitu Virwani and his son Karan, who own Bengaluru-based developer Embassy Group. Karan Virwani is also the CEO of WeWork India.
Time of India
15-07-2025
- Business
- Time of India
Sebi approves WeWork franchisee's IPO; Embassy Group to offload stake via OFS
India's markets regulator has approved an initial public offering by WeWork India Management , the domestic franchisee of the U.S. shared office space manager, according to a regulatory notice on Tuesday. WeWork India had filed draft papers for the IPO in early February. The offer consists of 33 million equity shares held by Indian real estate firm Embassy Group and 10.3 million equity shares held by 1 Ariel Way Tenant . The company will not issue new shares. It has not disclosed how much it intends to raise through the IPO. WeWork India is controlled by real estate tycoon Jitu Virwani and his son Karan, who own Bengaluru-based developer Embassy Group. Live Events Karan Virwani is also the CEO of WeWork India.
