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Economic Times
an hour ago
- Economic Times
WeWork India's plans to raise up to Rs 4,000 crore through IPO moves ahead as Sebi lifts abeyance status
WeWork India Management plans to raise up to Rs 4,000 crore through an IPO comprising solely of an offer for sale. Promoters Embassy Buildcon LLP and investor 1 Ariel Way Tenant will offload a total of 4.37 crore shares. The issue follows SEBI lifting the abeyance on the draft offer document, with the IPO now pending final regulatory observations. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads WeWork India Management Limited, a leading player in India's premium flexible workspace segment, plans to raise up to Rs 4,000 crore through an initial public offering (IPO), according to IPO, as detailed in the DOD, will be an offer for sale (OFS) comprising up to 43,753,952 equity shares. The OFS will see Embassy Buildcon LLP, the promoter selling shareholder, offload 33,458,659 shares, while 1 Ariel Way Tenant Limited, an investor selling shareholder, will offer 10,295,293 shares. No fresh issuance of shares is planned, meaning the proceeds will go directly to the selling shareholders.'The firm expects to raise anywhere between Rs 3000 crore and Rs 4000 crore and will start the road show soon considering the abeyance has been lifted,' said a person aware of the fund India did not reply to ET lifting of the abeyance status comes after a period of regulatory pause during which SEBI likely sought clarifications or additional disclosures. While SEBI did not provide detailed reasons for the earlier abeyance in the public domain, such actions are often undertaken when a company's draft documents require closer scrutiny due to operational complexity, sectoral challenges, or disclosure per the Securities and Exchange Board of India (SEBI)'s July 4, 2025 update, the company's Draft Offer Document (DOD) has been moved out of abeyance and is now pending final observations from the market regulator.'Now back on track, WeWork India awaits SEBI's final observations — the last step before it can proceed with the IPO launch and red herring prospectus filing,' said another as a joint venture between WeWork Global and Bengaluru-based Embassy Group, WeWork India has emerged as the largest co-working space operator by total revenue over the past three fiscal years, according to CBRE. WeWork India is currently operational across eight cities including Chennai, New Delhi, Gurgaon, Noida, Mumbai, Bengaluru, Pune and Hyderabad. Its portfolio includes over 100,000 desks across its 68 flexible workspace centres in these global volatility in the flexible workspace sector — especially after the bankruptcy filing of its U.S.-based counterpart WeWork Inc. in 2023 — WeWork India has remained relatively resilient. The company operates independently from its global namesake, with local leadership and Embassy Group ownership playing a crucial role in its financial and operational to market experts, the timing of the IPO comes amid renewed investor interest in commercial real estate-linked business models, particularly those focused on asset-light operations and scalable tech-enabled platforms.'Demand for premium, agile office solutions continues to grow among startups and enterprises alike. The recently planned public listing could further institutionalize the flex space segment and set a benchmark for other operators eyeing scale and capital. With India's Grade-A office absorption rebounding this segment is well-positioned to tap into both occupier demand and investor interest,' said Sankey Prasad, chairman & managing director, Middle East & India at IPO is being managed by a consortium of leading investment banks. JM Financial , ICICI Securities, Jefferies India, Kotak Mahindra Capital, and 360 ONE WAM are acting as Book Running Lead Managers (BRLMs) to the issue. Their role will be instrumental in marketing the IPO to institutional and retail investors SEBI's final approval, WeWork India will file its Red Herring Prospectus (RHP) and launch a roadshow to engage with potential investors. Market sources suggest the IPO could hit the markets as early as September 2025, subject to market conditions and final regulatory successful, this IPO will mark one of the largest public issues in the co-working space sector in India. It will also serve as a test for investor appetite in flexible workspace operators, especially at a time when hybrid work models continue to shape the future of commercial real estate.
New Indian Express
an hour ago
- New Indian Express
Online event for two Challenger slots at Chennai Grand Masters
CHENNAI: Are you a titled player representing the All India Chess Federation (AICF)? You may have the chance to feature in the 'Challengers' section of the third edition of the Chennai Grand Masters, India's biggest annual chess event in terms of rating. In a novel initiative, the organisers of the event have reserved two slots of the undercard to the winner and runner-up of the 'CGM Play-In', an online-only competition to be played on on July 12 and 13. "Titled players representing the India Chess Federation can compete in the Quantbox CGM Play-In for a chance to qualify for the Challengers section of the Chennai Grand Masters," informs the title page of the event on "The Play-In consists of a Swiss and a knockout phase." While the nine-round Swiss event will be held on Saturday night on the top seven players will advance to the knockouts, to be staged on the website a night later (the winner of the Swiss event will receive a first-round bye). There's also a money component for the online event; the winner is set to receive $280 (Rs 24,000), with the runner-up pocketing $210 (Rs 18,000). The bigger incentive, though, is the opportunity to play against the likes of R Vaishali, D Harika and Abhimanyu Puranik, all three of whom have signed up to feature in the Challengers section. The format for the online event is going to be 10+2, with single-elimination in the knockout phase. Titled players are players who are CMs, FMs, IMs, WGMs or even GMs. All-Indian field The 10-person Challengers field will only consist of Indian players. The field also includes the talented Leon Luke Mendonca, who also featured in the event in 2024. The big incentive is that the winner in the section will be invited to play in the elite Masters competition in 2026. For example, Pranav, who emerged winner in the Challengers section in 2024, has confirmed his participation in the Masters section this year. Rs 1 crore in prize money In all, the 20-player two-tier competition will have a total prize money of Rs 1cr. The person winning the Masters event will take home Rs 25 lakh. In the Challengers section, the winner be richer by Rs 7 lakh. Challengers D Harika, R Vaishali, Karthikeyan Murali, Abhimanyu Puranik, Aryan Chopra, Leon Luke Mendonca, Adhiban Baskaran (the announced field so far).
Time of India
an hour ago
- Time of India
Noida proposes 3 names for its e-bus service
Noida: Noida Authority has proposed three names for its fleet of 500 e-buses that are to be rolled out across Noida, Greater Noida and Yamuna Expressway region this year. Officials said the three shortlisted names—NGY Urban Mobility Service, GBN Easy Ride Service and GBN Green Transport—have been submitted to the UP govt for vetting, but the branding would reflect a larger vision to reshape urban mobility in the region. The electric bus project gained momentum last month after two private operators were finalised for procuring buses, managing operations and maintaining depot infrastructure. Travel Time Mobility India Pvt Ltd will run 250 nine-metre buses at Rs 55 per km, while Delbus Mobility Pvt Ltd will operate 250 12-metre buses at Rs 68 per km. You Can Also Check: Noida AQI | Weather in Noida | Bank Holidays in Noida | Public Holidays in Noida The fleet is to run on 25 high-demand routes, including airport links and intra-city connections, with 10-15 minute frequencies during peak hours and 15-20-minute intervals throughout the day. Authorities estimate that each bus could travel up to 300 km daily. UP has proposed a Special Purpose Vehicle (SPV), comprising officials from Noida, Greater Noida, and Yamuna authorities, including finance and traffic cell members, to manage the service. Once registered, the SPV will oversee staffing and service rollout for a 12-year term. The initiative is expected to significantly strengthen Noida's public transport ecosystem, providing reliable, eco-friendly alternatives to private vehicles. Routes have been designed to improve last-mile connectivity, reduce congestion, and serve key hubs including the upcoming Noida International Airport. While the project's total cost stands at Rs 675 crore, fare and ad revenue is expected to cover only a fraction of operational expenses. Authorities anticipate an annual revenue of Rs 145 crore against operating costs of over Rs 370 crore.
