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WeWork India
Realty firm WeWork India Management Ltd on Monday reported a sharp plunge in consolidated net profit to Rs 6.4 crore in the latest quarter ended September, on a higher base effect. Its net profit stood at Rs 203.74 crore in the year-ago period, driven by a deferred tax credit. Total income, however, rose to Rs 585.54 crore during the July-September period of this fiscal, from Rs 499.47 crore in the corresponding period of the preceding year, according to a regulatory filing. Launched in 2017, WeWork India, which provides flexible workspaces to corporates, has presence in eight major cities with 70 operational centres spanning 7.8 million square feet. WeWork India said its portfolio would expand in the second half of this fiscal with about 11,000 desks under fitout, a further 3,000 desks awaiting landlord handover, and 15,000 desks under LOI. This will help in increasing the portfolio to 10 million sq ft. "Our Q2 results signify a defining moment in WeWork India's journey. With rec
The initial public offer of co-working space operator WeWork India Management Ltd sailed through on the last day of the share sale on Tuesday, getting 1.15 times subscription, led by institutional buyers. The Rs 3,000-crore IPO received bids for 2,92,68,328 shares against 2,54,89,748 shares on offer, according to NSE data. Qualified Institutional Buyers' (QIBs) category fetched 1.79 times subscription, while the quota for Retail Individual Investors (RIIs) received 61 per cent subscription. The portion for non-institutional investors got 23 per cent subscription. WeWork India has collected a little over Rs 1,348 crore from anchor investors. The company's issue has a price band of Rs 615-648 per share, valuing the company at around Rs 8,685 crore at the upper end. The initial public offer (IPO), entirely an offer for sale of up to 4.63 crore equity shares, saw promoter group entity Embassy Buildcon LLP and investor 1 Ariel Way Tenant Ltd (part of WeWork Global) divest their ...
The initial public offering (IPO) of co-working space operator WeWork India Management Ltd received 4 per cent subscription on the first day of share sale on Friday. The IPO received bids for 11,10,440 shares against 2,54,89,748 shares on offer, as per NSE data. The quota for retail individual investors (RIIs) got subscribed 14 per cent, while the categories for qualified institutional buyers and non-institutional investors received 2 per cent subscription each. WeWork India has collected a little over Rs 1,348 crore from anchor investors. The company's Rs 3,000-crore issue will conclude on October 7. The price band has been fixed at Rs 615-648 per share, valuing the company around Rs 8,685 crore at the upper end. The IPO, entirely an offer for sale 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. Currently, Embassy Group holds about 76.21 per cent in WeWork Indi
Co-working major WeWork India is gearing up to launch its initial public offering (IPO) on October 3, with people aware of the matter pegging the issue size to nearly Rs 3,000 crore. The issue will close on October 7, with bidding for anchor investors opening for a day on October 1, as per the red herring prospectus (RHP). As per the draft papers, the proposed IPO is entirely an Offer for Sale (OFS) of up to 4.63 crore equity shares. Promoter group firm Embassy Buildcon LLP and investor 1 Ariel Way Tenant Ltd (part of WeWork Global) will offload shares. Since the issue is an OFS, WeWork India itself will not receive any proceeds from the listing. Currently, Embassy Group holds about 76.21 per cent in WeWork India, while WeWork Global owns 23.45 per cent. Established in 2017, WeWork India operates under an exclusive license of the 'WeWork' brand in India and is promoted by the Bengaluru-based real estate major Embassy Group. In its draft papers, WeWork India stated that the object