WeWork India Management Ltd.'s initial public offering opened for investors to bid on Friday and was subscribed 0.04 times.
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.
WeWork Management IPO Details
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
WeWork IPO GMP
WeWork India IPO's GMP was Rs 5 as of 11:31 p.m. With the price band of 648.00, WeWork India IPO's estimated listing price is Rs 653 .The expected percentage gain per share is 0.77%.
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