New IPO: A new IPO of Rs 3000 crore is coming, arrange the money now!:

News Topical, Digital Desk : New IPO: Co-working space company WeWork India is launching its initial public offering (IPO) on October 3. The size of this IPO is estimated to be around ₹3,000 crore. The issue will close on October 7, while bidding for anchor investors will open on October 1.

Sale of 4.63 crore equity shares through OFS
According to the Red Herring Prospectus (RHP), the entire IPO will be an Offer for Sale (OFS) in which a total of 4.63 crore equity shares will be sold. Promoter group firm Embassy Buildcon LLP and investor 1 Ariel Way Tenant Ltd (which is part of WeWork Global) will reduce their stake. Since this is an OFS, the listing will not directly raise any capital for the company.

Embassy Group holds 76.21% stake in WeWork India Currently, Embassy Group holds 76.21 percent stake in WeWork India, while WeWork Global holds 23.45 percent. The company started operations in India in 2017 and is promoted by Embassy Group.

₹500 crore was raised in January 2024 According to WeWork India's draft papers, the objective of this IPO is to list the company's shares on the stock exchange to increase brand visibility, provide liquidity to existing investors, and create a public market for shares in India. WeWork Global invested $100 million in the company in 2021. In January 2024, WeWork India raised ₹500 crore through a rights issue, which was used to reduce debt and advance growth plans. The company has a presence in Tier-1 cities in India, including Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai. WeWork India currently manages 7.7 million square feet of space, of which 7 million square feet is already operational, and its desk capacity is 103,000. The company employs over 500 people. Following the IPO, WeWork India is expected to debut on the stock exchange on October 10.