WeWork India IPO sees 115% subscription on Day 3, led by QIB demand; check latest GMP

WeWork India IPO gets fully subscribed on Day 3, led by QIB demand; check latest GMP

The initial public offer of co-working space operator WeWork India Management Ltd witnessed 115% subscription on the third day of share sale on October 7.

The company's IPO received bids for 2,92,62,877 shares against 2,54,89,748 shares on offer, as per NSE data.

Among investor category, Retail Individual Investors (RIIs) portion got subscribed 61%. The category for Qualified Institutional Buyers (QIBs) received 179% subscription and non-institutional investors quota got subscribed 23%.

WeWork India has collected a little over Rs 1,348 crore from anchor investors.

WeWork India IPO Details

The company's Rs 3,000-crore issue will conclude on Tuesday. The price band has been fixed at Rs 615-648 per share, valuing the company around Rs 8,685 crore at the upper end.

The initial public offer (IPO), entirely an offer for sale of up to 4.63 crore equity shares, will see promoter group entity Embassy Buildcon LLP and investor 1 Ariel Way Tenant Ltd (part of WeWork Global) divest their stakes.

Currently, Embassy Group holds about 76.21% in WeWork India, while WeWork Global owns 23.45%.

Since the issue is an OFS, WeWork India will not receive any proceeds from the issue and the funds will go entirely to selling shareholders.

In its draft papers, WeWork India stated that the objective of the offer is to achieve the benefits of listing its equity shares on the stock exchanges. The company expects the listing to enhance visibility, provide liquidity to existing shareholders, and establish a public market for its stock in India.

Founded in 2017, WeWork India operates under an exclusive licence of the WeWork brand in India, promoted by Bengaluru-based real estate developer Embassy Group.

At present, WeWork India operates across Tier-1 cities, including Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai, managing 77 lakh sq ft of space, of which 70 lakh sq ft is operational, with a desk capacity of 1.03 lakh. The firm employs over 500 people.

WeWork India GMP

According to InvestorGain, the Grey Market Potential (GMP) of WeWork India Management Ltd stood flat as of October 7, 11:15 am.

With inputs from PTI