Future IPO: On February 1, WeWork India, a workspace provider based in Bengaluru, submitted its initial draft documents to SEBI. Through a full offer-for-sale issue, the corporation hopes to raise money from the stock market.
Future IPO: In an effort to raise money from the Indian stock market, Bengaluru-based workspace operator WeWork India has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI), the country's market watchdog.WeWork India is an operator of flexible workspaces in India that offers workspaces to its clients, which include startups and businesses of all kinds. The business mostly leases Grade A office space in Tier 1 cities.
Details about WeWork India's IPO
According to DRHP statistics, WeWork India is offering a book-built public issue of up to 4,37,53,952 full offer-for-sale (OFS) component, or roughly 4.37 crore equity shares, with a face value of ₹10 per share.
The DRHP materials do not reveal the public issue's entire importance.
Since this initial public offering does not include a fresh issue portion, all profits will be used to pay the promoters for selling their stock in the company; the company will not receive any portion of the funds obtained.
The promoter selling a stake is Embassy Buildcon LLP, whereas the investor selling a stake is 1 Ariel Way Tenant Ltd. Through the initial public offering (IPO), Embassy Buildcon LLP is offering up to 3.34 crore equity shares, while 1 Ariel Way Tenant Ltd is offering up to 1.02 crore equity shares.
The public issue's book-running lead managers are JM Financial Ltd, ICICI Securities Ltd, Jefferies India Pvt. Ltd, Kotak Mahindra Capital Co. Ltd, and 360 ONE WAM Ltd. The offer's registrar is MUFG Intime India Pvt Ltd (formerly Link Intime India Pvt Ltd).
Financials by WeWork India
For the September quarter of the fiscal year 2024–2025, WeWork India's net profit was ₹174.13 crore. In the fiscal year 2023–2024, the company's net loss was ₹135.83 crore, whereas in the fiscal year 2022–2023 it was ₹145.86 crore. According to the draft filings, the company's loss for the fiscal year that ended in 2021–12 was ₹642.99 crore.
As of the second quarter of the fiscal year 2024–2025, the company's total revenue was ₹960.76 crore. At the same time, WeWork India's net worth was ₹(259.88).
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