Ever wondered what it takes for a giant of co-working spaces to go public in India? WeWork India Management is about to answer that question. With a Rs 3,000 crore IPO opening on October 3, many investors might be thinking or asking – will this offering live up to the hype, and what makes it different from other listings?
From its size and structure to listing date, let’s take a look at 7 key things you can’t miss before the bidding starts.
WeWork India IPO: Size and structure
WeWork India through this public offering is planning to raise about Rs 3,000 crore. However, it is important to note that this is a complete offer for sale (OFS).
In simple terms, this means that the company itself will not receive any fresh funds from the issue. Instead, existing shareholders will sell their stake through the offer.
A total of 4.63 crore equity shares will be offloaded in the process.
WeWork India IPO: Who is selling shares?
The issue is being driven by two major shareholders. The promoter group, Embassy Buildcon, will offload nearly 3.54 crore shares, while 1 Ariel Way Tenant, an investor shareholder, will sell around 1.08 crore shares.
WeWork India IPO: Price band and lot size
The price band of the issue is set at Rs 615–648 per share. Furthermore, looking at the lot size, for retail investors, the minimum bid size has been fixed at 23 shares, and applications can only be made in multiples of 23.
WeWork India IPO: Key dates to remember
Investors planning to subscribe should keep an eye on the following timeline –
Anchor investor bidding will take place on October 1, a day before the IPO opens. The subscription window will run from October 3 to October 7.
Following allotment on October 8, the shares will be listed on NSE, BSE on October 10.
WeWork India IPO: Category-wise allocation
Like most mainboard IPOs, this issue will follow SEBI’s book-building allocation rules.
At least 75% of the shares are reserved for Qualified Institutional Buyers (QIBs), while 15% will go to Non-Institutional Investors (NIIs). The remaining 10% is set aside for retail individual investors (RIIs). In addition, company employees will also have a reserved portion under the employee quota.
WeWork India IPO: Who are the lead managers?
Looking at the key players of the issue, the book running lead managers (BRLMs) include JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital, and 360 ONE WAM. The registrar of this IPO is MUFG Intime.
Overview of WeWork India Management
The company operates as a provider of flexible workspaces across India, catering services to startups, SMEs, as well as large enterprises.
Furthermore, it offers fully furnished office spaces, meeting rooms, and shared work environments with a focus on modern design, connectivity, and community-driven solutions.