WeWork India has filed its draft papers for an IPO, which will be a pure Offer for Sale (OFS) of up to 4.37 crore equity shares. No new shares will be issued, so the company won’t receive any proceeds from the IPO. The OFS will see Embassy Buildcon LLP, part of the Embassy Group, sell up to 3.34 crore shares, while 1 Ariel Way Tenant Ltd (part of WeWork Global) will offload about 1.03 crore shares.
Currently, Embassy Group holds a 76.21% stake in WeWork India, while WeWork Global owns 23.45%. The company operates under an exclusive license from its global parent. WeWork India is the market leader in premium flexible workspaces, according to CBRE, with top clients like AWS, JP Morgan, Warner Bros., Deutsche Telekom, and Grant Thornton.
As of September 2024, WeWork India had 94,440 desks across 59 centres, covering 6.48 million sq. ft. mostly in Grade A buildings in Tier 1 cities like Bengaluru, Mumbai, Delhi, and others. The majority-owned subsidiary of Embassy Group continues to grow as India’s top flex space provider.
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