WeWork India IPO: Check Day Two Subscription Status, GMP And Other Details

WeWork India Management Ltd.'s initial public offering opened for second day of subscription on Monday. The IPO was subscribed 0.04 times on its first day on Friday.

The company aims to raise Rs 3,000 crore through the sale of equity. The IPO opens on Oct. 3 and closes on Oct. 7. The price band for the IPO is set between Rs 615 and Rs 648 per share. 

The IPO comprises an offer-for-sale component consisting of 4.62 crore shares of Rs 10 face value each.

Promoter Embassy Buildcon LLP will be selling their shares through the OFS, according to the red herring prospectus, along with investor 1 Ariel Way Tenant.

JM Financial Ltd., ICICI Securities Ltd., Jefferies India Pvt. Ltd., Kotak Mahindra Capital Co and 360 ONE WAM Ltd. are the book running lead managers, and MUFG Intime India Private Ltd. is the registrar of the offer.

To participate in the IPO, retail investors need to bid for a single lot size of 23 shares, requiring an investment of Rs 14,904. Small non-institutional investors need to bid for 14 lots, amounting to an investment of Rs 2,08,656. Big non-institutional investors can participate in the IPO by bidding for a minimum of 68 lots. It will lead to an investment of Rs 10,13,472.

WeWork India is a leading premium flexible workspace operator in the country, according to a CBRE Report.

The company has consistently been the largest operator by total revenue over the past three fiscals and has played a pivotal role in shaping the growth of India's flexible workspace sector. It has also been a key contributor to the evolution of flexible workspace products and services in the market.

• Open date: Oct. 3

• Close date: Oct. 7

• Allotment date: Oct. 8

• Listing date: Oct. 10

• IPO size: Rs 3,000 crore

• OFS: 4.62 crore shares

• Minimum bid: Lot size of 23 shares

The WeWork IPO was subscribed 0.08 times or 8% as of 11:48 a.m. on Monday.

• Qualified institutional buyers (QIB): 0.02 times or 2%.

• Non-Institutional investors (NII): 0.04 times or 4%

• Retail investors: 0.28 times or 28%.

• Employee reserved: 1.25 times.

The latest grey market premium of WeWork is Rs 5 as of 11:53 a.m. according to Investorgain.com. The stock's estimated listing price is Rs 653, implying a gain of 0.77% over the IPO price of Rs 648.

Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.