Embassy Group-owned office-sharing company WeWork India management has filed its draft red herring prospectus (DRHP) with capital market regulator SEBI to raise funds through an initial public offering (IPO). The company's IPO includes an offer for sale (OFS) of 4.37 crore equity shares.

The OFS comprises 3.34 crore equity shares by Embassy Buildcon LLP (promoter selling shareholder) and 1.02 crore equity shares by 1 Aerial Way Tenant Limited (investor selling shareholder). The company will not receive any proceeds from the Offer for Sale. Majority Ownership by Embassy Group According to CBRE, WeWork India is majority owned by Embassy Group, which has developed over 85 million sq ft of commercial real estate and sponsors Embassy REIT, India's first REIT and Asia's largest office REIT by leasable area. WeWork India is one of the few flexible workspace operators in India backed by a leading real estate developer. Embassy Buildcon LLP holds 76.21% stake in the company, with the remaining shares held by public shareholders, including 23.45% stake held by UK-based 1 Aerial Way Tenant. JM Financial Ltd, ICICI Securities Ltd, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited and 360 One WAM Limited are the book running lead managers to the issue.