WeWork Intends to go Public in India at a Valuation of More Than $2 Billion

Nitin Konde, Varun Bhardwaj

Oct 24, 2024 — 2 min read

WeWork to Go Public in India

According to reports, WeWork India, a joint venture between the American co-working giant WeWork and the Bengaluru-based real estate company Embassy Group, is considering preparations for an initial public offering (IPO). WeWork India is looking to go public with a target valuation of $2 billion to $2.5 billion. JM Financial has been designated as the book-running lead manager for the issue by the company, according to reports.

The IPO is expected to increase the valuation of WeWork India, which was valued at less than $400 million in its most recent investment round in 2020. According to the report, the company hopes to collect $350 million to $475 million through its first public offering.

WeWork’s IPO Offerings

Depending on the state of the market, the exact figures will be decided closer to the IPO date. Both a primary capital raise to assist corporate expansion and a secondary stake sale by current shareholders, including WeWork US, will be part of the offering.

The South Korean automaker Hyundai Motor Company, whose Indian unit is listed at a little discount after the nation's largest IPO, had a disastrous Indian market debut. Now, WeWork's intention to go public in the Indian stock market is a very interesting development for market observers to look forward to.

Plans to Launch the IPO in 2025

By year's end, the corporation is supposed to submit the required paperwork. The Embassy Group is also hoping to shore up liquidity through the issuance; therefore, the firm is aiming for a listing by the first half of 2025. WeWork US came out of bankruptcy earlier this year with a $750 million equity valuation, and Anant Yardi, a digital entrepreneur of Indian descent, became the new majority owner. According to reports, the Embassy, supported by the Virwani family, attempted to purchase a 27% share in WeWork India from WeWork Global, but those plans were unsuccessful.

WeWork India sought to raise approximately $150 million from a group of investors, including Mithun Sacheti, the creator of CaratLane, the family office of Enam Group, and venture fund A91 Partners, in order to finance this transaction. The deal ultimately fell through, despite the company's goal of a $550 million valuation.

About WeWork

With the goal of establishing spaces where individuals and businesses can collaborate and perform at their highest level, WeWork was established in 2010. Since establishing its initial office in New York City, the company has expanded to become a global provider of workplace solutions dedicated to offering adaptable solutions, motivating, secure environments, and unparalleled community experiences. Since that's how the future operates, WeWork is always rethinking how the workplace can make everyone—from Fortune 500 companies to independent contractors—more driven, effective, and content.