WeWork India raises Rs 1,348 Cr from anchor investors ahead of Rs 3,000 Cr IPO
The Rs 3,000-crore IPO will open on October 3 and close on October 7, with a price band of Rs 615–Rs 648 per share.
Bengaluru-based premium flexible workspace operator India Management Limited has raised Rs 1,348.26 crore from anchor investors ahead of its initial public offering (IPO). The company has allotted 2.08 crore shares at Rs 648 per share to 67 investors.
The anchor book saw strong participation from domestic institutions, including ICICI Prudential, HDFC MF, Motilal Oswal, Aditya Birla, Axis, and Canara-Robeco mutual funds, along with insurers such as Canara HSBC Life, SBI General, Kotak Mahindra Life, and Bajaj Allianz Life. Global investors included Goldman Sachs Fund, Allianz Global Investors, and Al Mehwar Commercial Investments.
The Rs 3,000-crore IPO will open on October 3 and close on October 7, with a price band of Rs 615–Rs 648 per share.
The issue, entirely an offer for sale of 4.63 crore shares, will see promoter Embassy Buildcon divest 3.54 crore shares and investor 1 Ariel Way Tenant Ltd (part of WeWork Global) sell 1.09 crore shares. The proceeds will go to the selling shareholders, and WeWork India will not receive funds from the offer.
At the upper end of the price band, the company is valued at around Rs 8,685 crore. Currently, Embassy Group holds 76.21% of WeWork India, while WeWork Global owns 23.45%.
Founded in 2017 under an exclusive licence of the WeWork brand, the Bengaluru-based operator manages 77 lakh sq. ft. across eight cities, with 70 lakh sq. ft. operational and 1.03 lakh desk capacity. The firm employs over 500 people.
The IPO has reserved 75% of shares for qualified institutional buyers, 15% for non-institutional investors, and 10% for retail investors. Investors can bid for a minimum of 23 shares. The company’s stock is expected to list on October 10.