As a part of the ongoing IPO season, co-working space biggie WeWork India has come up with a Rs. 3000 Crore IPO, which will comprise of a 100% Offer For Sale (OFS) with no fresh issue component. The offering is expected to open from 3rd to 7th October with a tentative listing on 10th October.
The Price Band of the Offer has been fixed from Rs. 615 per Equity Share of face value Rs. 10 each to Rs. 648 per Equity Share of face value Rs. 10 each. Bids can be made for a minimum of 23 Equity Shares of face value Rs. 10 each and multiples of 23 Equity Shares of face value Rs. 10 each thereafter.
The IPO comprises an OFS of equity shares of up to 46,296,296 equity shares, in addition to up to 35,402,790 equity shares by Embassy Buildcon LLP (“Promoter Selling Shareholder”), and up to 10,893,506 equity shares by 1 Ariel Way Tenant Limited (“Investor Selling Shareholder”).
According to Mr. Karan Virwani, MD & CEO, WeWork India, the IPO has been structured to be accessible to a wide range of investors. Retail investors can apply for a minimum of 23 shares, with an investment of Rs. 14,904 at the upper price band. For small non-institutional investors, the minimum application is 14 lots, which equates to 322 shares worth Rs. 2,08,656. Big non-institutional investors are required to apply for a minimum of 68 lots, or 1564 shares, valued at Rs. 10,13,472.
After the debut on the Indian Stock Exchanges We Work India will find itself in the company of peers such as Awfis Solutions, Inqube Spaces, and Smartworks Co Working Spaces with its listing on the exchanges.
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