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**WeWork India Launches ₹3,000 Crore IPO Amidst Rising Demand for Co-working Spaces**

**Mumbai, October 3, 2024** – WeWork India, a leading provider of co-working spaces, launched its Initial Public Offering (IPO) today, October 3rd, aiming to raise approximately ₹3,000 crore. The IPO comes at a time when hybrid work models are driving significant demand for flexible office solutions in India.

The IPO is entirely an offer-for-sale (OFS) of 4.63 crore equity shares by promoters and existing shareholders, including Embassy Buildcon LLP and 1 Ariel Way Tenant Ltd (part of WeWork Global). The price band for the shares has been fixed at ₹615 to ₹648 per share.

Ahead of the IPO opening, WeWork India successfully raised ₹1,348 crore from anchor investors. The anchor investor list includes prominent mutual funds like ICICI Prudential MF, HDFC MF, Motilal Oswal MF, Aditya Birla Sun Life MF, Axis MF, and Canara-Robeco MF, as well as insurance companies such as Canara HSBC Life Insurance, SBI General Insurance, Kotak Mahindra Life Insurance and Bajaj Allianz Life Insurance. Global investors like Goldman Sachs Fund, Al Mehwar Commercial Investment LLC (Wanda) and Allianz Global Investors also participated.

The IPO will remain open for subscription until October 7th. The company intends to use the IPO proceeds to increase its visibility, provide liquidity to existing shareholders, and establish a public market for its shares in India. WeWork India, which began its operations in 2017 and operates under an exclusive license for the WeWork brand in India, is backed by Bengaluru-based Embassy Group.

Currently, grey market premiums indicate a modest premium of ₹15 over the issue price, suggesting a potential listing gain of around 2.31%. Allotment of shares is expected around October 8th, with listing on both the BSE and NSE tentatively scheduled for October 10th.

Analysts at SBI Securities have given the IPO a “Neutral” rating, citing the company’s strong backing from Embassy Group, its presence in Tier-1 cities, and its focus on expansion. However, they also highlighted risks associated with WeWork International’s restructuring, ongoing legal proceedings against promoters, and the company’s dependence on WeWork International.

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