WeWork India has filed the draft prospectus with Securities and Exchange Board of India (SEBI) for its initial public offer (IPO), which will be entirely through an offer for sale of up to 4.4 crore shares.
The offer for sale comprises up to 3.35 crore shares by promoter selling shareholder Embassy Buildcon LLP and up to over 1 crore shares by investor selling shareholder 1 Ariel Way Tenant.
Since the entire issue is through OFS, the company will not be receiving anything from the proceeds of the offer.
It is the exclusive licensee of the WeWork brand in India under the terms of an operations and management agreement (OMA) with WeWork International. The OMA grants it a non-transferable and exclusive right to sell goods, supplies and materials bearing the trade name, logo, symbol, design, slogan, trademark or service mark owned, licensed or used by WeWork Global within licensed locations in India.
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However WeWork Global is not involved in the daily management and affairs of the company in India.
WeWork India, majority owned by the Embassy group, provides flexible workspaces to a diverse range of customers, including large enterprises, small and mid-size businesses, start-ups, and individuals. Its member base includes a marquee roster of Fortune 500 companies, international and domestic corporations, large enterprises, GCCs, MSMEs, and start-ups.
Global brands occupying its premises include Amazon, JP Morgan, Warner Brothers, Discovery, Duetsche Telekom and Grant Thornton.
As of September 30, 2024, its portfolio consisted of over 94,000 desks across 59 centres with a leasable area of 6.48 million square feet.
JM Financial, ICICI Securities, Jefferies, Kotak Mahindra Capital Company, and 360 ONE WAM are the lead managers to the issue.
