SEBI has removed the WeWork India's IPO papers from abeyance, as per lastest 'processing status of draft offer documents' published by the regulator on July 8.
The Embassy Group-promoted premium flexible workspace operator filed preliminary papers with the SEBI on January 31 this year to raise funds via initial public offering (IPO).
The capital markets regulator had put the WeWork India's draft papers in abeyance in the month of March, and removed it from abeyance after three-and-half-month period.
The removal of IPO papers from abeyance generally indicates that the regulator has completed all its review and is satisfied with the disclosures.
The IPO will comprise of entirely offer-for-sale (OFS) of 4.37 crore equity shares by existing shareholders.
Also read: Sebi cleared five IPOs, including Veeda Clinical, Rite Water, Seedworks: Check details here
Promoter Embassy Buildcon will be selling 3.34 crore shares and investor 1 Ariel Way Tenant 1.03 crore shares via OFS. This means the entire IPO proceeds will to these selling shareholders, and the company will not receive any money from the offer.
Launched in 2017, WeWork India that competes with listed entity Awfis Space Solutions is the largest premium flexible workspace operator in India in terms of revenue in the past three fiscals. It is the exclusive licensee of the WeWork brand in India.
JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital Company, and 360 ONE WAM are the merchant bankers appointed to handle the WeWork India Management IPO.
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