·  SEBI approves WeWork India's IPO; entire issue is an Offer for Sale

·  Embassy Buildcon to offload over 3.3 crore shares; no new capital raised

·  Operates 94,440 desks across 59 premium centers in top Indian cities

WeWork India Management Ltd. has obtained approval from the Securities and Exchange Board of India (SEBI) for going ahead with its long-awaited initial public offering (IPO). All of the IPO will be structured as an Offer for Sale (OFS), and it will entail sale of a maximum of 43,753,952 equity shares by current shareholders.

Embassy Buildcon LLP, the largest promoter and stakeholder of the company, will be selling as much as 33,458,659 shares, while 1 Ariel Way Tenant Limited intends to offload 10,295,293 shares. Since there is no fresh issue of shares in the offering, fresh capital will not be raised for the company, but the proceeds will directly accrue to the selling stakeholders.

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Leading investment banks JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital, and 360 ONE WAM have been selected as book-running lead managers for the issue.

As per CBRE, WeWork India has led the nation's high-end flexible workspace market by revenue for the last three financial years. The firm, which operates under a exclusive licensing deal with its international parent, has established a robust customer portfolio with names such as Amazon Web Services, JP Morgan, Warner Bros. Discovery, Deutsche Telekom, and Grant Thornton.

Supported by Embassy Group, India's largest real estate developers, WeWork India is driven by significant real estate experience. Embassy has completed over 85 million sq. ft. of commercial office space and sponsors Asia's largest office REIT Embassy Office Parks REIT.

As of September 30, 2024, WeWork India's operational presence comprised 94,440 desks at 59 centers, spread over a total leasable area of 6.48 million sq. ft., primarily in Grade A commercial buildings. Of its portfolio, nearly 93% is situated in high-end buildings in Tier 1 cities such as Bengaluru, Mumbai, Delhi, Gurugram, Noida, Pune, Hyderabad, and Chennai.