WeWork India Debuts on Stock Market: A Mixed Start

Shares of WeWork India Management, recognized for its co-working spaces, had a subdued stock market entrance on Friday, opening flat on the bourses.

The company's stock was listed at Rs 650 per share on the NSE, a modest premium of 0.31 percent over the issue price, but soon dipped by 3.84 percent to Rs 623.10 per share.

Similarly, on the BSE, shares began trading at Rs 646.50, down by 0.23 percent. Post-listing, the market valuation reached Rs 8,598.93 crore on the BSE.

WeWork India's IPO, worth Rs 3,000 crore, saw a subscription rate of 1.15 times, and followed anchor investments totaling Rs 1,348 crore. The issuance was structured as an offer for sale, divesting stakes by entities like Embassy Buildcon LLP and Ariel Way Tenant Ltd. Per its draft papers, the company emphasized the IPO's goal was to enhance stock visibility, provide liquidity, and facilitate a public market in India.

Originating in 2017, WeWork India functions under a license from WeWork, promoted by Embassy Group. With a presence in Bengaluru, Mumbai, Pune, and other tier-1 cities, the firm manages 77 lakh sq ft of space, employs over 500 individuals, and operates spaces totaling a desk capacity of 1.03 lakh.

(With inputs from agencies.)