WeWork India Management Ltd. has raised over Rs 1,348 crore from anchor investors on Wednesday, ahead of its initial public offering. The company allotted 2.08 crore shares at Rs 648 apiece to 67 anchor investors.
ICICI Prudential Technology Fund got the highest allocation of 6.69%, followed by Goldman Sachs Funds - Goldman Sachs India Equity Portfolio at 5.56%, and Motilal Oswal Small Cap Fund at 4.82%.
A total of 13 domestic mutual funds applied through 32 schemes, the working space company said in an exchange filing on Wednesday. They have collectively netted 46.52% of the anchor portion.
JM Financial Ltd., ICICI Securities Ltd., Jefferies India Pvt. Ltd., Kotak Mahindra Capital Co. and 360 ONE WAM Ltd. are the book runners for the maiden issue, while MUFG Intime India is the registrar to the issue.
WeWork India is set to launch its initial public offering to raise Rs 3,000 crore through the sale of equity. The IPO will open on Oct. 3 and close on Oct. 7. The price band for the IPO is set between Rs 615 and Rs 648 per share.
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.
About WeWork Management
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.
WeWork India provides flexible, high-quality workspaces to a diverse customer base that includes large enterprises, small and mid-sized businesses, startups, and individual professionals. Backed by multi-asset relationships with prominent developers across major Tier 1 cities, the company primarily leases Grade A office spaces, which it designs, builds, and operates as modern flexible workspaces.
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