Bombay High Court dismisses petition against WeWork India IPO approval

The petition alleged that WeWork India reported heavy losses and a negative net worth while presenting an overly optimistic growth outlook without adequately disclosing associated risks

In a relief to coworking space provider WeWork India, the Bombay High Court on Monday dismissed the petitions challenging the approval of its initial public offering (IPO) by markets regulator the Securities and Exchange Board of India (Sebi), reported Bar and Bench.

 

A division bench of Justice RI Chagla and Justice Farhan A Dubash dismissed the petition filed by an investor, Vinay Bansal, that alleged the company's draft red herring prospectus (DRHP) contained many irregularities and accused Sebi of inaction on the same. The bench also imposed a fine of ₹1 lakh on the petitioner. It also rejected a petition by another investor, Hemant Kulshreshtha, without imposing any cost, the report added. 

 

What did the petitioner claim against WeWork India?

Bansal, in his petition, alleged that WeWork India reported heavy losses and a negative net worth while presenting an overly optimistic growth outlook without adequately disclosing associated risks.

 

He further claimed that the company withheld key information on ongoing complaints and disputes that could influence investor decisions. According to LiveLaw, these cases include a 2014 Central Bureau of Investigation (CBI) chargesheet for corruption; Enforcement Directorate (ED) proceedings under the Prevention of Money Laundering Act (PMLA), and an Economic Offences Wing (EOW) chargesheet from November 2024. The petition also alleged that the EOW case was omitted from the January 2025 DRHP and added only in August 2025 after the petitioner raised it.

 

The petition also claimed that the company misrepresented its ties with the global WeWork brand, leading investors to assume it had the US-based parent firm’s (WeWork) financial backing and stability. It alleged that the company does not own the 'WeWork' trademark but operates under a management licence that is valid only while the Promoters maintain control.

 

Meanwhile, Kulshrestha also alleged that the company disclosed only a “lesser offence but not a higher offence”, adding that investors should not be expected to uncover and point out such omissions.

 

WeWork India IPO

WeWork India’s ₹3,000-crore IPO opened for subscription on October 3, 2025, and closed on October 7. The shares, priced at ₹615–₹648 with a lot size of 23, listed at ₹650 apiece on the NSE and ₹646.50 on the BSE on October 10. The IPO comprised an offer for sale of 46.3 million shares with no fresh issue. According to the prospectus, the company received no new funds from the offering, as existing shareholders sold their stakes through the offer. 

Govt to sell up to 6% stake in Bank of Maharashtra 

The central government plans to divest up to a 6 per cent stake in Bank of Maharashtra through an offer- for-sale (OFS) on Tuesday. The base offer size has been set at 384.6 million shares with an option to sell additional 76.9 million shares, taking the total size to 461.5 million shares, or 6 per cent of equity. The government has set a floor price of ₹54 per share. Shares of Bank of Maharashtra ended at ₹57.7, down 1.54 per cent. At the last close, the lender is valued at ₹44,350 crore. The government holds 79.6 per cent stake currently. If fully subscribed, the Centre will be able to mopup ₹2,500 crore from the share sale. Shares reserved for employees and retail investors will be auctioned on Wednesday. 

Bajaj Finance to divest 2% stake in BHFL

Bajaj Finance, the promoter of Bajaj Housing Finance (BHFL), plans to divest up to 2 per cent of its equity stake in the housing finance subsidiary. The NBFC major said it will see up to 166.6 million shares through open-market transactions to meet the minimum public shareholding requirements. The company in a release said the stake sale window will run from December 2, 2025 and February 28, 2026, or until the proposed divestment is completed, whichever is earlier. Currently, Bajaj Finance holds 88.7 per cent stake in BHFL. Shares of BHFL last closed at ₹104.5. At the current price, Bajaj Finance will be able to raise ₹1,740 crore.

ICICI Prudential AMC gets IPO nod

ICICI Prudential Asset Management Company has received final approval from the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO). The estimated ₹10,000 crore issue, slated to hit the markets later this month, is set to be among the largest IPOs of the year. According to an update on Sebi’s website, Powerica, Annu Projects and Technocraft Ventures have also secured final clearance to launch their public issues.

Temasek-backed Atomberg may plan $200 mn India IPO 

Temasek Holdings Pte-backed Atomberg Technologies Pvt is weighing an initial public offering in Mumbai that may raise around $200 million, according to people familiar with the matter. 

The Indian consumer electronics firm, which also counts Steadview Capital Management LLC and Jungle Ventures Pte among its backers — has held discussions with investment banks recently about a potential listing and is expected to appoint advisers in the coming weeks, the people said, asking not to be identified as the information is private. A representative for Atomberg didn’t respond to a request for comment.