WeWork India raises Rs 1,348 crore from anchor investors ahead of Rs 3,000 crore IPO

WeWork India Management Limited, the country’s largest premium flexible workspace operator by revenue, has mobilised Rs 1,348.3 crore from anchor investors ahead of its initial public offering (IPO).

Advertisment

The company allotted 2.08 crore equity shares at Rs 648 each, the top end of the price band, to 67 institutional investors, according to a regulatory filing.

The IPO, which opens for subscription on October 3 and closes on October 7, has a price band of Rs 615-648 per share, with a minimum bid size of 23 shares. At the upper end, the issue values the company at Rs 8,684 crore and is expected to fetch Rs 3,000 crore for selling shareholders.

Nearly half of the anchor allotment, 96.8 lakh shares, went to 13 domestic mutual funds across 32 schemes. Leading fund houses such as ICICI Prudential, HDFC, Motilal Oswal, Aditya Birla, Axis, and Canara Robeco participated, along with insurers like SBI General, Kotak Mahindra Life, Bajaj Allianz Life, and Aditya Birla Sun Life Insurance.

The anchor list also featured global names, including Goldman Sachs, Allianz Global Investors, Societe Generale, and Al Mehwar Commercial Investments, signalling broad international interest.

The public issue is structured entirely as an offer for sale of up to 4.62 crore shares, with promoter Embassy Buildcon LLP offloading 3.54 crore shares and investor 1 Ariel Way Tenant Limited selling 1.08 crore shares. No fresh issue of equity is planned. The IPO is being managed by JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital, and 360 ONE WAM.

WeWork India, initially launched as the local arm of New York–based WeWork Inc., has charted an independent course since the parent filed for bankruptcy in late 2023. The Indian entity filed its draft prospectus in January, faced a temporary regulatory delay in March, and finally secured SEBI approval in July.

If successful, the listing will make WeWork India the fifth coworking startup to debut on the Indian bourses, following Awfis, Smartworks, IndiQube, and DevX. On the financial front, the company narrowed its net loss by 51.5% to Rs 14.1 crore in the first quarter of FY26, while revenue from operations rose 19.3% to Rs 535.3 crore compared with Rs 448.7 crore a year earlier.