WeWork India Management has unveiled a price range of 615-648 rupees per share for its upcoming initial public offering (IPO), aiming for a valuation of 86.85 billion rupees ($979.61 million). The Indian arm of the U.S.-based office space provider, majority-owned by Embassy Group, is set to open the IPO to retail investors on October 3, with anchor investors able to submit bids from October 1.
The move comes amid a resurgence in demand for coworking spaces, driven by companies embracing hybrid work models following an extended period of remote work. WeWork India officially filed for the IPO in February, with the offering totaling 30 billion rupees and comprising 35.4 million shares from Indian real estate firm Embassy Group and 10.9 million shares from We Work's affiliate 1 Ariel Way Tenant. Notably, there are no plans to issue new shares as part of the IPO.
Established in 2017, WeWork India is predominantly owned by real estate moguls Jitu Virwani and his son Karan, who are part of the Bengaluru-based developer Embassy Group. The company currently operates 59 centers with a collective capacity of 94,440 workstations across eight cities as of September 30, 2024. The IPO is expected to enhance the brand's presence and offer liquidity to existing shareholders, as outlined in its prospectus.
Upon listing, WeWork India will face direct competition from industry counterparts such as Smartworks Coworking Spaces and Awfis Space Solutions. The financial sector conversion rates reflect that $1 is equivalent to 88.6580 Indian rupees.
In summary, WeWork India's IPO announcement signifies a significant move in the coworking space sector, with a clear strategic focus on driving growth and expanding market presence in the evolving work environment landscape. Investors and industry observers will be closely monitoring the developments as the company prepares for its public market debut.
