WeWork India IPO: Price band set at ₹615-648 per share; check key dates, issue details, more

WeWork India Management IPO price band has been fixed in the range of ₹615 to ₹648 per equity share of the face value of ₹10. The WeWork India IPO date of subscription is scheduled for Friday, October 3, and will close on Tuesday, October 7. The allocation to anchor investors for the WeWork India IPO is scheduled to take place on Wednesday, October 1.

The floor price is 61.5 times the face value of the equity shares, and the cap price is 64.8 times the face value of the equity shares. The WeWork India IPO lot size is 23 equity shares and in multiples of 23 equity shares thereafter.

WeWork India IPO has reserved not less than 75% of the shares in the public issue for qualified institutional buyers (QIB), not more than 15% for non-institutional Institutional Investors (NII), and not more than 10% of the offer is reserved for retail investors. The employee portion has been reserved upto 35 million.

Tentatively, WeWork India IPO basis of allotment of shares will be finalised on Wednesday, October 8, and the company will initiate refunds on Thursday, October 9, while the shares will be credited to the demat account of allottees on the same day following refund. WeWork India share price is likely to be listed on BSE and NSE on Friday, October 10.

WeWork India IPO details

According to the draft documents, the planned WeWork India IPO consists solely of an Offer for Sale (OFS) of up to 4.63 crore equity shares. The promoter group firm Embassy Buildcon LLP, along with investor 1 Ariel Way Tenant Ltd (a part of WeWork Global), will be selling their shares.

Since this is an OFS, WeWork India will not benefit financially from the listing.

Currently, Embassy Group owns approximately 76.21 percent of WeWork India, while WeWork Global holds 23.45 percent. JM Financial Ltd. serves as the book running lead manager, and MUFG Intime India Pvt. Ltd. acts as the registrar for the issue.

Company details

WeWork India Management Limited operates flexible workspaces throughout India.

The company offers a wide range of flexible workspace options, including custom-built structures, entire floors, office spaces, enterprise suites, personalized managed offices, private work areas, co-working spaces, and hybrid digital solutions.

They provide adaptable, high-quality work environments for clients or members. Their clientele consists of large corporations, small enterprises, startups, and individual professionals.

As per the red herring prospectus (RHP), the company's listed peers are Awfis Space Solutions Ltd, Smartworks Coworking Ltd, and IndiQube Ltd.

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