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WeWork India Management has set a price band of 615-648 rupees per share on Monday for its initial public offering, targeting a valuation of 86.85 billion rupees ($979.61 million), according to Reuters calculations.
The IPO of the Indian unit of U.S.-based shared office space provider, which is majority-owned by Embassy Group, will open for retail investors on October 3, with anchor investors invited to submit bids starting October 1, a newspaper advertisement showed earlier in the day.
The IPO comes at a time when coworking spaces are experiencing a strong revival, driven by companies embracing hybrid work models after years of remote work.
WeWork India filed its draft papers for the IPO in early February. The 30-billion-rupee offering consists of 35.4 million shares held by Indian real estate firm Embassy Group and 10.9 million shares held by We Work’s affiliate 1 Ariel Way Tenant.
The company does not plan to issue any fresh shares.
WeWork India, launched in 2017, is majority-owned by real estate tycoon Jitu Virwani and his son Karan, who own Bengaluru-based developer Embassy Group.
As of September 30, 2024, WeWork India operated 59 centres with a total capacity of 94,440 desks across eight cities. The Indian unit expects the listing to boost brand visibility and provide liquidity for existing shareholders, according to its prospectus.
Once listed, WeWork India will directly compete with peers Smartworks Coworking Spaces and Awfis Space Solutions.
($1 = 88.6580 Indian rupees)
(Reporting by Meenakshi Maidas in Bengaluru; Editing by Sonia Cheema and Sherry Jacob-Phillips)
