Shardul Amarchand Mangaldas & Co and Khaitan & Co are acting on the upcoming Initial Public Offering (IPO) of WeWork India Management Limited
SAM is acting for WeWork India Management Limited. The SAM capital markets team included Partners Nikhil Naredi and Ruth Chenchiah, along with Senior Associate M. Koshy Mammen and Associates PV Anoushka and Abhit Tanay.
Khaitan & Co is acting for book running lead managers for the IPO that include JM Financial Limited, ICICI Securities Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited and 360 One WAM Limited.
The transaction team was led by Thomas George (Partner) and comprised Prathiksha Panduranga (Principal Associate), Aadhya Singh, Varun Nair, Lakshmi Raj, and Mitluv Semwal (Associates). Anand Sivasankaran (Associate) also provided assistance.
WeWork India, the exclusive licensee of the WeWork brand in India, filed a Draft Red Herring Prospectus (DRHP) on February 1 with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) on the Mumbai Stock Exchange.
The IPO, is expected to be an offer for sale (OFS) of up to 43.75 million equity shares, with Embassy Buildcon LLP, a promoter selling shareholder, offering up to 33.46 million shares, and 1 Ariel Way Tenant Limited, an investor selling shareholder, offering up to 10.3 million shares. Notably, WeWork India will not receive any proceeds from this sale.
Established in 2017 and promoted by Embassy Group, which holds a 72.40% shareholding, WeWork India has demonstrated strong financial performance.
In the fiscal year 2024, the company reported an operating income of ₹1,661.6 crore, a 26% increase from ₹1,314 crore in FY2023. The operating profit before depreciation, interest, and taxes (OPBDIT) improved to 63.1% in FY2024 from 60.7% in the previous fiscal year.
As of December 2024, WeWork India operates approximately 100,000 desks across 63 locations in eight cities, including Bengaluru, Mumbai, Delhi, Gurgaon, Noida, Pune, Hyderabad, and Chennai, with an occupancy rate of 75% as of September 2024