WeWork India Management Limited, a leading provider of flexible workspaces, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), marking a significant step towards its initial public offering (IPO).

The IPO comprises an Offer for Sale (OFS) of up to 43,753,952 equity shares. Embassy Buildcon LLP, the promoter selling shareholder, will offload up to 33,458,659 equity shares, while 1 Ariel Way Tenant Limited, the investor selling shareholder, will sell up to 10,295,293 equity shares. Notably, WeWork India will not receive any proceeds from the sale.

JM Financial Limited, ICICI Securities Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, and 360 ONE WAM Limited are acting as the Book Running Lead Managers for the issue.

WeWork India, which operates premium flexible workspaces across major Indian cities, is the country’s largest operator in the sector by total revenue over the past three fiscal years, according to CBRE. The company serves a diverse clientele, including Fortune 500 firms, multinational corporations, large enterprises, and startups. Prominent members include Amazon Web Services, JP Morgan, Warner Bros. Discovery, Deutsche Telekom, and Grant Thornton.

Majority-owned by Embassy Group, one of India’s top real estate developers, WeWork India benefits from its affiliation with WeWork Global, which operates in 35 countries with approximately 600 locations. As of September 30, 2024, the company had 94,440 desks across 59 operational centres, spanning a total leasable area of 6.48 million square feet.

With a strong foothold in key business hubs such as Bengaluru, Mumbai, Delhi-NCR, Pune, Hyderabad, and Chennai, WeWork India continues to expand its footprint in the flexible workspace market, leveraging its association with WeWork’s global brand and expertise.