New Delhi, Feb 3 (PTI) – WeWork India, a leading provider of premium co-working spaces, has posted a profit of ₹174.13 crore in the first six months of the ongoing financial year, fueled by strong demand for flexible workspaces.
According to its Draft Red Herring Prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI) last week, the company's total income for the April-December period of FY 2024-25 stood at ₹960.76 crore.
This marks a turnaround for the company, which reported a net loss of ₹135.83 crore for the full FY 2023-24 on a total income of ₹1,737.16 crore.
IPO Plans and Share Sale Details
WeWork India Management Ltd officially filed preliminary documents with SEBI for an Initial Public Offering (IPO) last week. The proposed IPO is an entirely Offer for Sale (OFS), comprising up to 4.37 crore equity shares. As a result, WeWork India will not receive any proceeds from the offering.As per the DRHP, promoter group firm Embassy Buildcon LLP will sell 33,458,659 equity shares with a face value of ₹10 each, while 1 Ariel Way Tenant Ltd, part of WeWork Global, will offload 10,295,293 shares.
The company stated that the listing aims to enhance brand visibility, provide liquidity to existing shareholders, and establish a public market for its equity shares in India.
Business Growth and Financial Backing
WeWork India, established in 2017, operates under the exclusive license of the global ‘WeWork’ brand in the country. It is promoted by Embassy Group, a Bengaluru-based real estate giant, which holds around 76% stake, while WeWork Global owns nearly 24%.In June 2021, WeWork Global invested $100 million into WeWork India, further strengthening its financial backing. More recently, in January 2024, WeWork India raised ₹500 crore through a rights issue to reduce debt and drive expansion.
Expanding Presence in India
WeWork India specializes in leasing Grade A office spaces in Tier 1 cities, designing and operating them as flexible workspaces. Its portfolio currently spans 77 lakh square feet, with 70 lakh square feet already operational and an operational desk capacity of 1.03 lakh.The company has a footprint in key metro cities including Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai, employing over 500 people.
As the demand for premium co-working spaces rises, WeWork India’s financial revival and upcoming IPO mark a significant milestone in its growth trajectory.
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