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Business Standard
15-07-2025
- Business
- Business Standard
WeWork India gets Sebi nod for IPO; Embassy Buildcon to sell stake
Upcoming IPO: Embassy Buildcon-backed workspace operator WeWork India Management has received approval from the Securities and Exchange Board of India (Sebi) to launch its initial public offering (IPO). According to the draft red herring prospectus (DRHP), the company's maiden public issue comprises an offer for sale (OFS) of up to 43.75 million equity shares. The offer for sale comprises up to 33.45 million equity shares by Embassy Buildcon, the promoter selling shareholder. Additionally, 1 Ariel Way Tenant (investor selling shareholder) will offload up to 10.29 million equity shares. MUFG Intime India, formerly Link Intime India, is the registrar for the issue. JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital Company, and 360 ONE WAM are the book-running lead managers to the issue. About WeWork India Management Launched in 2017, WeWork India Management is a premium flexible workspace operator in India and has been the largest operator by total revenue in the past three financial years, according to the CBRE Report. It provides flexible, high-quality workspaces to customers, which include companies of all sizes. As of June 30, 2024, Grade A properties accounted for approximately 93 per cent of its portfolio. Embassy Group, one of India's leading real estate developers, owns a majority 73.8 per cent stake in WeWork India. The company has developed over 85 million square feet of commercial real estate and sponsors Embassy REIT - India's first REIT and Asia's largest office REIT by leasable area, according to CBRE. WeWork India caters to some of the global brands, including Amazon Web Services, JP Morgan, Warner Bros. Discovery, Deutsche Telekom, and Grant Thornton. The company is the exclusive licensee of the WeWork Brand in India. WeWork India's centres are located in Tier 1 cities in India, including Bengaluru, Mumbai, Pune, Hyderabad, Gurgaon, Noida, Delhi, and Chennai. As of September 30, 2024, WeWork India's portfolio comprised 94,440 desks across 59 operational centres with an aggregate leaseable area for operational centres of 6.48 million square feet. For the six-month period ended September 30, 2024, the company reported revenue from operations of ₹918.1 crore and net profit of ₹173.6 crore. In the fiscal year 2023-24 (FY24), WeWork India posted a revenue from operations of ₹1,665.1 crore and a net loss of 135.7 crore.
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Business Standard
11-07-2025
- Business
- Business Standard
Smartworks Coworking Spaces IPO day 2 update: 50% subscription, GMP at 7%
Smartworks Coworking Spaces IPO subscription status: The initial public offering (IPO) of customised managed workspace solutions provider Smartworks Coworking Spaces entered its second day, with half of the issue size booked by investo₹on the first day of bidding. The public issue, which opened on July 10, received bids for 52,21,188 equity shares against 1,04,01,828 shares on offer, resulting in a subscription of 50 per cent, according to NSE data. Among the investor categories, non-institutional investors (NIIs) have fully booked their reserved quota. Retail investors have subscribed to 57 per cent of their allocated shares, while qualified institutional buyers (QIBs) have bid for only 5,220 shares against 29,03,910 shares reserved for them. Smartworks Coworking Spaces IPO grey market premium (GMP) today In the grey market, a similar sentiment was observed. Sources tracking unofficial market activity reported that the unlisted shares of Smartworks Coworking Spaces were trading at around ₹437 apiece, indicating a grey market premium (GMP) of ₹30 or 7.37 per cent over the upper end of the issue price of ₹407. Smartworks Coworking Spaces IPO details The Smartworks Coworking Spaces IPO consists of a fresh issue of 10.9 million equity shares worth ₹445 crore, and an offer for sale (OFS) through which promoters and investors are selling up to 3.4 million shares worth approximately ₹137.56 crore. The price band for the public issue is ₹387 to ₹407 per share, and the minimum bid is for one lot, or 36 shares, which translates to an investment of ₹14,652. Smartworks plans to use the IPO proceeds for the repayment, prepayment, or redemption (in full or part) of certain borrowings, to meet capital expenditure for fit-outs in new centres, and for placing security deposits at new centres. A portion of the funds will also be used for general corporate purposes. Smartworks Coworking Spaces IPO review The IPO has received mildly favourable reviews from brokerages. Market analysts remain optimistic about the company's long-term prospects. Analysts at Anand Rathi Research and Geojit Financial Services have both recommended investors to subscribe to the Smartworks Coworking Spaces IPO for long-term prospects. READ MORE Smartworks Coworking Spaces IPO allotment date, listing date The public offering will close for subscription on July 14. Following that, the basis of allotment of Smartworks Coworking Spaces IPO shares is expected to be finalised on July 15. The company's shares will be credited into demat accounts tentatively on July 16. Shares of Smartworks Coworking Spaces are slated to list on the BSE SME platform tentatively on July 17. About Smartworks Coworking Spaces Smartworks Coworking Spaces is an office experience and managed campus platform. As of March 31, 2024, it was the largest managed campus operator among the benchmarked operators in terms of total stock, with a lease-signed portfolio of 8.0 million square feet. (Source: CBRE Report). The company focuses on mid-to-large enterprises and has built a growing client base, which includes Indian corporates, multinational companies (MNCs) operating in India, and startups. As of March 31, 2025, Smartworks has leased and manages a total super built-up area (SBA) of 8.99 million square feet.
