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yesterday

WeWork India Secures SEBI Nod for Offer-For-Sale IPO

The pure offer-for-sale listing lets existing investors sell 43.75 million WeWork India shares without raising fresh capital.

Co-working major WeWork India has received market regulator Sebi's go-ahead to launch its Initial Public Offering (IPO), enabling the promoters to monetise their investments amid record demand for office spaces across the top seven cities. (Picture for representational purposes only)
WeWork India receives Sebi's approval to launch IPO; check details
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Overview

  • The regulator lifted the three-month abeyance on draft papers and issued final observations and clearance on July 8, paving the way for the market debut.
  • Embassy Buildcon will offload up to 33.46 million shares while 1 Ariel Way Tenant will sell up to 10.30 million, totaling 43.75 million offered shares.
  • All proceeds from the sale will accrue to existing shareholders, with no funds flowing to the company’s coffers.
  • JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital and 360 ONE WAM have been appointed as lead managers for the IPO.
  • As of September 30, 2024, WeWork India operates 59 centres with 94,440 desks across eight cities under the exclusive WeWork brand license held by Embassy Group.