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Embassy Group-controlled India franchisee of WeWork files for IPO

VCCircle

VCCircle · 6m ago

Embassy Group-controlled India franchisee of WeWork files for IPO

The Indian franchisee of WeWork, managed by the Embassy Group, has filed for an initial public offering in Mumbai. The IPO will include the sale of 33 million shares by Embassy Group and 10.3 million shares by 1 Ariel Way Tenant, without issuing new shares. WeWork India won't receive proceeds from this sale. The company operates a total leaseable area of 602,012 square meters and is led by Karan Virwani, CEO of WeWork India.

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Related News

WeWork India receives SEBI approval for IPO

YourStory

YourStory · 1m ago

WeWork India receives SEBI approval for IPO

WeWork India has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO), which is a pure offer for sale of up to 43.75 million shares by existing shareholders, including Embassy Buildcon and 1 Ariel Way Tenant. The company, a co-working space provider backed by the Embassy Group, won't receive proceeds from the IPO. WeWork India runs 59 operational centers in India with notable enterprise clients.

WeWork India Management files draft IPO papers with SEBI

YourStory

YourStory · 6m ago

WeWork India Management files draft IPO papers with SEBI

WeWork India Management Ltd, a premium flexible workspace operator, filed for an IPO with SEBI. The IPO is an Offer for Sale, involving 4.37 crore equity shares from Embassy Buildcon LLP and 1 Ariel Way Tenant Ltd. Since it's an OFS, the company won't receive proceeds from the IPO. The goal is to list shares on stock exchanges. Established in 2017, WeWork India serves diverse clients across Tier I cities with premium flexible workspaces.

IPO plans of WeWork India, PE-backed Indira IVF and Star Agriwarehousing hit a wall

VCCircle

VCCircle · 5m ago

IPO plans of WeWork India, PE-backed Indira IVF and Star Agriwarehousing hit a wall

The IPO plans of WeWork India, Indira IVF, and Star Agriwarehousing have faced setbacks. Indira IVF, backed by Swedish PE firm EQT, withdrew its IPO draft for unspecified reasons. Star Agriwarehousing's IPO documents were returned by SEBI, which involved fresh shares and an offer for sale by Temasek. Additionally, WeWork India's IPO application has been held in abeyance by the regulator, with plans to offload stakes from Embassy Group and WeWork Inc.

Embassy to buy WeWork's stake in India joint venture

The Arc Web

The Arc Web · 1y ago

Embassy to buy WeWork's stake in India joint venture

Embassy Group, a Bengaluru-based developer, is buying back a 27% stake in WeWork India from WeWork Global for approximately $85-90 million. In order to finance this transaction, WeWork India is raising about $150 million from investors including Bhansali's family office, A91 Partners, and Caratlane's founder Mithun Sacheti. The deal structure involves WeWork India raising funds for a 40% stake, which will then be used to repurchase shares from WeWork Global. The new investors will hold 25-30% of the company, while the Embassy Group will maintain a 70-75% share. WeWork India's valuation for this transaction is estimated at Rs 4,000-4,500 crore.

WeWork India renews lease on 1.4 lakh sq ft space in Goregaon East, Mumbai

Money Control

Money Control · 1y ago

WeWork India renews lease on 1.4 lakh sq ft space in Goregaon East, Mumbai

WeWork India has renewed its lease on a 140,000 sq ft space from Nesco at its Goregaon East office complex for five years. The lease agreement, effective from August 1, includes a rent of INR 162 per sq ft per month, amounting to a total of INR 27 crore per year. The agreement also includes two escalations in 2025 and 2028. WeWork India, majority-owned by Embassy Group, operates independently from WeWork Inc and manages around 8 million sq ft of office spaces across multiple cities in India. Embassy Group plans to make WeWork India public in the next two years.

WeWork Inc to sell 27% stake held in India unit via Rs 1,200 crore secondary deal: sources

Economic Times

Economic Times · 1y ago

WeWork Inc to sell 27% stake held in India unit via Rs 1,200 crore secondary deal: sources

WeWork India, promoted by Embassy group, is set to buy the stake held by its US parent through a secondary transaction. The Rs 1,200 crore deal is being carried out by Enam group's family office, investment fund A91 Partners, and CaratLane founder Mithun Sacheti. The sale involves WeWork Inc's shareholding in the Indian business. Embassy group holds a 73% stake in WeWork India and will process the share transfer after receiving clearance from the Competition Commission of India. WeWork India reported revenues of Rs 1,300 crore in FY23, with a significant reduction in losses.

WeWork Inc’s plans fail to work out

Economic Times

Economic Times · 11m ago

WeWork Inc’s plans fail to work out

WeWork's plan to sell its 27% stake in WeWork India and exit the country has fallen through due to a valuation mismatch. The Competition Commission of India had previously approved the proposal, which would have seen WeWork and its partner, the Embassy Group, divest a total of 40% stake to new investors. WeWork India's CEO, Karan Virwani, is now in talks with 360 One to potentially buy some of the stake. This comes after rival coworking firm Awfis had a successful IPO in May, indicating a positive turn for the industry in India.

WeWork India is said to begin marketing Rs 3,500 cr IPO

Economic Times

Economic Times · 1m ago

WeWork India is said to begin marketing Rs 3,500 cr IPO

WeWork India Management Ltd. is planning to raise about 35 billion rupees ($407 million) through an initial public offering (IPO) in India. The IPO could be launched as early as next month, involving the sale of up to 43.75 million shares. Embassy Buildcon LLP and 1 Ariel Way Tenant Ltd., shareholders in WeWork India, will be selling shares during this offering. Regulatory approval has already been received for the IPO.

CCI approves WeWork Inc's exit from India unit

Economic Times

Economic Times · 1y ago

CCI approves WeWork Inc's exit from India unit

The Competition Commission of India (CCI) has approved WeWork Inc's plan to sell its entire 27% stake in its Indian coworking firm. This deal involves the Enam group family office, A91 Partners, and CaratLane founder Mithun Sacheti investing in WeWork India. WeWork Inc and Embassy Group, WeWork India's parent company, will sell about 40% of the coworking unit. This move marks WeWork Inc's exit from the Indian market. The Indian business of WeWork reported strong revenue growth and narrowed net losses in the past year.

WeWork India says business not affected by US bankruptcy

Economic Times

Economic Times · 1y ago

WeWork India says business not affected by US bankruptcy

WeWork India has clarified that its business will not be affected by the recent bankruptcy filing of its global parent company, WeWork. The Indian unit, a separate entity backed by Embassy Group, reassured members and stakeholders that it will continue to operate as usual. WeWork India, which has been running profitably since 2021, closed the previous financial year with revenue of Rs 1,400 crore ($168.99 million). The Chapter 11 filing by WeWork in the US is aimed at restructuring debts and leases in order to improve the company's financial condition.

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