Draft IPO Documents are Submitted to SEBI by WeWork India Management

WeWork India Management, an office-sharing business owned by the Embassy Group, has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI), the capital markets regulator, in order to acquire money through an initial public offering (IPO).
An offer for sale (OFS) of up to 4.37 crore equity shares is part of the company's first public offering (IPO). The OFS includes up to 1.02 crore equity shares held by 1 Ariel Way Tenant Limited (Investor Selling Shareholder) and up to 3.34 crore equity shares held by Embassy Buildcon LLP (Promoter Selling Shareholder). Proceeds from the sale offer will not be given to the company.
Share Proportion of WeWork India
The main stake in WeWork India is held by Embassy Group, which has constructed more than 85 million square feet of commercial real estate and is the sponsor of Embassy REIT, the first REIT in India and the largest office REIT in Asia in terms of leasable area, according to Coldwell Banker Richard Ellis (CBRE), the American commercial real estate services and investment company.
One of the few flexible workspace providers in India with the support of a significant real estate developer is WeWork India. Embassy Buildcon LLP owns 76.21% of the business, with public stockholders owning the remaining shares, including 23.45% of the UK-based 1 Ariel Way Tenant. The issue's book running lead managers are JM Financial Ltd, ICICI Securities Ltd, Jefferies India Pvt Ltd, Kotak Mahindra Capital Company Ltd, and 360 ONE WAM Ltd.
Financial and Operational Dynamics of WeWork India
WeWork India serves a wide spectrum of clients, including startups, small and mid-sized businesses, individuals, and large corporations, by offering flexible, high-quality workspaces. A notable list of Fortune 500 firms, domestic and foreign corporations, major enterprises, GCCs, MSMEs, and startups are among its members.
About 93% of our portfolio as of June 30, 2024, consisted of Grade A properties. In terms of earnings, the company reported a loss of INR 146.8 crore in the previous fiscal year, which decreased to INR 135.8 crore in the fiscal year 2024. However, income increased by 26.7% to INR 1,665.1 crore during that same time, compared to INR 1,314.5 crore. On revenue of INR 918.2 crore, profit for the six-month period ending in September 2024 was INR 174.6 crore.
WeWork Marking Stronger Presence in India
WeWork Global made headlines in 2023 when it declared bankruptcy in the US due to post-pandemic stress, skyrocketing real estate prices, exorbitant leasing costs, and its incapacity to repay loans. However, the Indian arm then emphasised that it is a stand-alone business, thriving with ambitious expansion plans, and remains largely unaffected by the insolvency.
WeWork India also announced in January that it had raised INR 500 crore through the issuance of securities through its parent company, WeWork, and the Embassy Group. According to the corporation, the money would be used to pay down current debt, lower capital expenses, and move towards becoming "debt-free." WeWork India has 94,440 desks spread across 59 operational centres as of September 30, 2024, with a total of 6.48 million square feet of leaseable space for operational centres.

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