The Securities and Exchange Board of India (SEBI) has temporarily paused the IPO of WeWork India Management Ltd. The regulator did not provide a reason but said the “issuance of observations has been kept in abeyance,” according to NDTV Profit.
WeWork India, backed by the Embassy Group, filed its IPO papers with SEBI on January 31. The company planned to offer 4.37 crore (47 million USD) shares for sale. Promoter Embassy Buildcon LLP and investor 1 Ariel Way Tenant Ltd. were set to sell their shares.
WeWork India, operating since 2017, provides flexible workspaces for businesses of all sizes. It leases office space in major cities and converts them into flexible workspaces. The company has played a significant role in growing India’s flexible workspace sector.
