WeWork India Management Ltd. made an underwhelming debut on the stock market on Friday, listing nearly close to its IPO price. The scrip opened at Rs 650 on the NSE and Rs 646.5 on the BSE, compared to the issue price of Rs 648.
The unlisted shares of WeWork India in the private market indicated no listing day gains after the IPO closed.
WeWork India shares fell as much as 5% minutes after listing.
WeWork India shares fell as much as 5% minutes after listing.
The Rs 3,000-crore offer received bids for 2,92,68,374 shares against 2,54,89,748 shares on offer, as per BSE data. The mainboard issue was oversubscribed 1.15 times on the last day of the share sale on Tuesday, helped by strong participation from QIBs who booked their quota 1.79 times.
The allotment of shares was completed on Oct. 8.
The IPO comprised only an offer-for-sale. Promoter Embassy Buildcon offloaded 3.5 crore shares for Rs 2,294 crore, and WeWork Global affiliate 1 Ariel Way Tenant Ltd. sold one crore shares for Rs 706 crore.
Weak financials, serious legal proceedings against promoters, and heavy dependence on the brand value of WeWork Global were some of the concerns flagged by the Street, besides getting tangled in a court case.
The Bombay High Court on Thursday reserved orders in writ petitions filed by two complainants, namely Hemanth Kulshrestha and Vinay Bansal. The Court has heard the matter extensively over three days and has reserved orders. Notably, no urgent interim orders as sought in the petitions were granted, according to sources.
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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