Embassy Group owns 76.21%; WeWork Global holds 23.45%
Raised ₹500 crore in Jan 2024 to cut debt & expand footprint
Operates in 8 major cities, managing 77 lakh sq. ft of space
IPO-bound WeWork India has reported a loss of ₹14.14 crore in the first quarter of this fiscal year despite growth in revenue amid strong office demand, PTI reported. The company’s loss stood at ₹29.17 crore in the year-ago period.
Its revenue from operations increased 19% to ₹535.31 crore during April-June quarter of this fiscal from ₹448.65 crore in the corresponding period of the preceding year, according to its latest Red Herring Prospectus (RHP) filed with Sebi.
During the entire 2024-25 fiscal, the company's profit stood at ₹128.18 crore over a turnover of ₹1,949.21 crore.
Founded in 2017, WeWork India operates under an exclusive license of the WeWork brand. Currently, Bengaluru-based real estate firm Embassy Group holds about 76.21% in WeWork India, while WeWork Global owns 23.45%.
WeWork Global had invested $100 million in 2021, while in January 2024, the company raised ₹500 crore through a rights issue to reduce debt and support expansion.
At present, WeWork India operates across tier 1 cities, including Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai, managing 77 lakh sq. ft of space, of which 70 lakh sq ft is operational, with a desk capacity of 1.03 lakh.
WeWork India IPO
The coworking space provider is all set to open for bidding on Friday (October 3) with a price band of ₹615 to ₹648 apiece. The public issue will close on October 7, and the bidding for anchor investors will take place on October 1.
The public issue will consist of an Offer for Sale (OFS) of up to 4.37 crore equity shares and does not involve any fresh issuance of shares.
The IPO is a 100% book-built issue with equity shares proposed to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
The offer for sale includes up to 4.37 crore equity shares, of which promoter entity Embassy Buildcon LLP plans to sell up to 3.34 crore shares and investor 1 Ariel Way Tenant offloading up to 1.02 crore shares. Their average cost of acquisition for these shares stands at ₹162.83 and ₹65.88 per share, respectively.
The company’s DRHP stated that the IPO launch will only focus on improving WeWork’s market visibility and offer an exit or liquidity to existing shareholders. “There is no direct fund infusion into the business from this offering,” the document read.
