WeWork India IPO subscribed 4% on Day 1 so far; Check GMP, other key details

WeWork India IPO subscription begins October 3. 

WeWork India IPO got subscribed 4 percent on the first day of bidding on Friday. The Rs 3,000-crore initial public offer received bids for 11.10-lakh shares against 2.54-crore shares on offer, as per NSE dat.

The portion for non-institutional investors attracted 2 percent subscription, while the retail Individual Investors (RIIs) quota received 14 percent subscription. Earlier, it collected a little over Rs 1,348 crore from anchor investors.

The issue opened for public subscription on October 3 and close on October 7. The price band has been fixed at Rs 615 to Rs 648 per share, valuing the company around Rs 8,685 crore at the upper end.

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According to platforms tracking the grey market activities, the shares of WeWork India are commanding a GMP of over 2 percent in the unregulated market. Investrogain quoted a GMP of Rs 15 for the shares of the company, indicating a listing gain of 2.31 percent.

The IPO, entirely an Offer for Sale (OFS) 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. The proposed IPO is worth Rs 3,000 crore at the upper end.

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

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

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

WeWork India IPO share allotment is expected by October 8, while share listing is scheduled to take place on October 10.

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