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WeWork India is preparing to launch its IPO while reporting a first-quarter loss of INR 14.14 crore, an improvement from last year's INR 29.17 crore. Revenue grew 19% to INR 535.31 crore in the same quarter. The company, majority-owned by Embassy Group, operates in key Tier-1 cities managing 77 lakh sq. ft of office space. The IPO is structured as an Offer For Sale worth up to INR 3,000 crore, aimed at enhancing visibility and liquidity for shareholders. Past investments include USD 100 million from WeWork Global and a rights issue to reduce debt.
Co-working operator WeWork India has reported a loss of INR 14.14 crore in the first quarter of this fiscal, despite registering a 19% growth in revenue, reflecting sustained demand for office spaces. The company's loss had been higher at INR 29.17 crore in the same period last year. Advertisement
Revenue from operations for the April-June quarter rose to INR 535.31 crore from INR 448.65 crore in the corresponding period of the previous year, according to the company's latest Red Herring Prospectus filed with SEBI. Over the entire 2024-25 fiscal, WeWork India recorded a profit of INR 128.18 crore on a turnover of INR 1,949.21 crore.
Established in 2017, WeWork India operates under an exclusive license of the WeWork brand. Bengaluru-based real estate company Embassy Group currently holds a majority stake of 76.21%, while WeWork Global owns 23.45%.
The company has announced an Initial Public Offering (IPO) with a price band of INR 615-648 per share, valuing the company at approximately INR 8,685 crore at the upper end. The IPO, entirely structured as an Offer For Sale (OFS), is expected to raise up to INR 3,000 crore, with promoter Embassy Buildcon LLP and investor Ariel Way Tenant Ltd, part of WeWork Global, selling their stakes. As an OFS, WeWork India will not receive any funds from the sale, with proceeds going entirely to the selling shareholders.
WeWork India highlighted that the listing aims to improve the company's visibility, create a public market for its stock in India, and provide liquidity to existing shareholders. Previously, WeWork Global invested USD 100 million in 2021, and the company raised INR 500 crore through a rights issue earlier this year to reduce debt and support expansion plans.
Currently, WeWork India operates across Tier-1 cities including Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai. It manages 77 lakh sq. ft of space, of which 70 lakh sq. ft is operational, with a desk capacity of 1.03 lakh.
Source PTI
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