WeWork India Nets INR 1,348 Cr From Anchor Investors

SUMMARY

The company allocated 2.08 Cr equity shares to 67 anchor investors, including Whiteoak Capital, Goldman Sachs, Nippon India, ICICI Prudential, among others

The company allotted the shares at INR 648 each, which is the upper end of the IPO price band

Of the 2.08 Cr shares, 96.8 Lakh shares (or 46.52% of the total allocation) were allocated to 13 domestic mutual funds through a total of 32 schemes

Ahead of the commencement of the bidding for its public issue on October 3, coworking space provider WeWork India today raised INR 1,348.3 Cr from anchor investors.

The company allocated 2.08 Cr equity shares to 67 anchor investors, including Whiteoak Capital, Goldman Sachs, Nippon India, ICICI Prudential, HDFC Mutual Fund, Aditya Birla Sun Life Trustee, Susquehanna Pacific Pty Ltd, Motilal Oswal, Societe Generale, among others.

The company allotted the shares at INR 648 each, which is the upper end of the IPO price band.

Of the 2.08 Cr shares, 96.8 Lakh shares (or 46.52% of the total allocation) were allocated to 13 domestic mutual funds through a total of 32 schemes.

“The IPO Committee of the company… has finalised allocation of 2,08,06,548 equity shares, to anchor investors at anchor investor allocation price of INR 648/- per equity share (including share premium of INR 638/- per equity share)…,” WeWork India said in a filing with the BSE.

As per its red herring prospectus (RHP), the coworking space provider’s public issue will solely comprise an offer for sale (OFS) component of up to 4.62 Cr equity shares, and no fresh issue.

While promoter Embassy Buildcon LLP will offload up to 3.54 Cr shares via the OFS, WeWork International Ltd’s wholly-owned subsidiary, 1 Ariel Way Tenant Limited, will sell up to 1.08 Cr shares.

Earlier this week, the company set a price band of INR 615 to INR 648 for its IPO. At the upper end of the price band, the company will be pegged at INR 8,684 Cr, while selling shareholders will rake in INR 3,000 Cr. The public issue offer will finally close on October 7.

WeWork India initially operated as the Indian arm of US-based coworking space provider WeWork Inc. The parent entity filed for liquidation In November 2023, but managed to exit bankruptcy on the back of a court-approved reorganisation plan.

Back home, WeWork India filed its draft red herring prospectus (DRHP) with SEBI in January this year. However, a couple of months later in March, the market regulator kept its draft IPO papers in abeyance. Eventually in July, SEBI granted its approval for WeWork India’s public listing.

If the listing materialises, WeWork India will become the fifth listed coworking startup in the country, after Awfis, Smartworks, IndiQube and recently listed DevX.

Meanwhile, on the financial front, WeWork India trimmed its net loss by 51.5% to INR 14.1 Cr in Q1 FY26 as against INR 29.2 Cr in the year-ago quarter. Operating revenue jumped 19.3% to INR 535.3 Cr in the quarter under review from INR 448.7 Cr in Q1 FY25.