Workspace operator WeWork India Management files draft IPO papers with Sebi

Premium flexible workspace operator WeWork India Management Ltd has filed preliminary papers with capital markets regulator Sebi to float an initial public offering (IPO). 

The Embassy Group-promoted firm's IPO is entirely an Offer for Sale (OFS) of equity shares of up to 4.37 crore equity shares, according to the draft red herring prospectus (DRHP) filed on Friday. 

Under the OFS, promoter Embassy Buildcon LLP and investor 1 Ariel Way Tenant Ltd will offload shares. 

Since it is an OFS, the company will not receive any proceeds from the IPO. 

In its draft papers, the company stated that the object of the offer is to achieve the benefits of listing the equity shares on the stock exchanges. 

Launched in 2017, WeWork India Management is a leading premium flexible workspace operator in the country. It provides flexible, high-quality workspaces to customers, which include companies of all sizes -- large enterprises, small and mid-size businesses, startups, as well as individuals. 

It leases primarily Grade A office space from leading developers across Tier 1 cities and design, build, and operate them as flexible workspaces. 

WeWork India has played a significant role in the growth of the flexible workspace sector in India and has been a key contributor to the evolution of flexible workspace products and services. 

JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital Company and 360 ONE WAM are the book- running lead managers to the issue.   

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