On February 1, WeWork India submitted its DRHP with capital market regulator SEBI in order to raise funds by launching an IPO (Initial public offering).
While the draft papers have not disclosed the total size of the IPO, it has been confirmed that this IPO comprised only an Offer-for-Sale component of 4.37 crore equity shares with a face value of Rs.10 each and no fresh issue component. As a result, the entire raised amount will be going to the selling shareholders, and WeWork will not be going to receive any funds from the public issue.
In the Offer-for-sale component, Embassy Buildcon LLP and 1 Ariel Way Tenant are the promoters of the company who will sell the shares in the company. Embassy Buildcon LLP will sell 3.34 crore of equity shares, while 1 Ariel Way Tenant sell 1.03 crore shares in the IPO.
Embassy Buildcon LLP, one of the largest promoters of the company holds a majority stake in the company at 76.21%, while the remaining stake is held by UK-based company 1 Ariel Way Tenant which is 23.45%.
The merchant bankers of the WeWork India IPO are JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital Company, and 360 ONE WAM.
Incorporated in 2017, WeWork India is one of the largest flexible workspace operators in India. They are one of the leading operators who provide high-quality workspaces to their customers and companies of large, small, and medium-sized businesses. Karan Virwani is the CEO of WeWork India. WeWork India transforms your office spaces by designing, building, and operating them as flexible workspaces.
WeWork has expanded its business in the Indian market in Bengaluru, Mumbai, Pune, Hyderabad, Gurgaon, Noida, Delhi, and Chennai and operated 94,440 desks across 59 centers, covering 6.48 million square feet.
In fiscal 2024, WeWork generated revenue of ₹16,651.36 million in Fiscal 2024 compared to generating ₹13,145.18 million in Fiscal 2023, showing incredible financial growth in the company. As of the second quarter of fiscal 2024-25 generated a revenue of ₹960.76 crore respectively.
WeWork India IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
WeWork India Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2022 | ₹836.67 | ₹1,479.67 | ₹643 |
| 2023 | ₹1,422.77 | ₹1,569.66 | ₹146.81 |
| 2024 | ₹1,737.16 | ₹1,869.92 | ₹135.77 |
| September 2024 | ₹960.76 | ₹1,019.45 | ₹174.57 |
WeWork India IPO Valuation – FY2024
WeWork India IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹(10.73) (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | NA |
| Net Asset Value (NAV): | ₹(34.55) |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Awfis Space Solutions Limited | (2.79) | NA | (6.99%) | 39.87 | 848.82 Cr. |
Objects of the Issue
- To be updated soon
IPO Lead Managers aka Merchant Bankers
- JM Financial Limited
- ICICI Securities Limited
- Jefferies India Private Limited
- Kotak Mahindra Capital Company Limited
- 360 ONE WAM Limited
