WeWork India Management, a co-working space provider, has proposed to raise ₹3,000 crore through an initial public offering (IPO).
The company’s offer comprises offer for sale of 4.63 crore equity shares. The OFS comprises up to 3.54 crore equity shares by Embassy Buildcon LLP and 1.09 crore equity shares by 1 Ariel Way Tenant.
The anchor investor bidding will open on Wednesday,and for other it will start on Friday.
The price band was fixed between ₹615 and ₹648 a share. The minimum bid will be for 23 equity shares and multiples of 23 shares.
The shares will be listed on BSE and NSE.
The lead managers include JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital Company and 360 ONE WAM.
Founded in 2017, WeWork India operates 68 centres with a total capacity of 1.14 million desks in eight cities. Bengaluru accounts for 46 per cent of this capacity, and Mumbai accounts for 23 per cent. Service and ancillary revenues — including customisation, parking, meeting rooms, events, advertising, and food services — make up 10 per cent of total revenue.