WeWork India’s Rs 3K-cr issue opens on Oct 3

New Delhi: Co-working space operator WeWork India on Monday announced a price band of Rs 615 to Rs 648 per share for its upcoming Rs 3,000 crore initial public offering (IPO).

At the upper end, the company is valued at around Rs 8,685 crore. The issue will open for public subscription on October 3 and close on October 7, while bidding for anchor investors will take place on October 1, according to the company’s public announcement.

The IPO, which is entirely an Offer-for-Sale (OFS) of up to 4.63 crore equity shares, will see the promoter group entity, Embassy Buildcon LLP, and investor 1 Ariel Way Tenant Ltd (part of WeWork Global) divest their stakes. The proposed IPO is worth Rs 3,000 crore at the upper end.

Currently, the Embassy Group holds about 76.21 per cent in WeWork India, while WeWork Global owns 23.45 per cent. Since the issue is an OFS, WeWork India will not receive any proceeds from the issue and the funds will go entirely to the selling shareholders.