WeWork IPO subscription status, GMP, allotment date and other details
WeWork India IPO saw 4 percent subscription on Day 1, with retail investors at 14 percent. The Rs 3000 crore public issue, priced at Rs 615-648, closes October 7. Shares are expected to list by October 10. The IPO is an OFS, valuing the company at Rs 8,685 crore. Grey Market Premium (GMP) is Rs 5.
New Delhi: The initial public offering (IPO) of co-working space operator WeWork India Management Ltd saw a 4 perent subscription on its first day after the public issues is open for subscription on Friday, October 3.. The public issue of We work is of Rs 3000 crore. The issue is set to close on October 7.
As per NSE data, bids were placed for 11.1 lakh shares as against the 2.54 crore shares available. The retail investor quota was subscribed 14 pecent, while the segments for qualified institutional buyers (QIBs) and non-institutional investors (NIIs) each saw 2 percent subscription.
WeWork IPO allotment and listing
The tentative allotment of the shares is expected on Wednesday, October 8, and the tentative listing of the stock on the bourses is expected on Friday, October 10
The IPO is entirely an offer for sale (OFS) of 4.63 crore equity shares. No fresh proceeds will generate and go to the company. Promoters such as 1 Ariel Way Tenant Ltd (part of WeWork Global) and Embassy Buildcon LLP are set to sell their stakes. Currently, Embassy Group holds about 76.21 percent, while WeWork Global owns 23.45 percent in the company.
WeWork IPO Price band, GMP
The price band is set between Rs 615 and 648 per equity share. At a top end, the company will be valuing at nearly Rs 8,685 crore at the top end. Ahead of its public listing, WeWork India has collected a little over Rs 1,348 crore from anchor investors.
The Grey Market Premium (GMP) of WeWork IPO is around Rs 5 as of October 3. It indicates a listing gain of 0.77 percent. However, one must remember that GMP is a volatile and unofficial indicator. It cannot guarantee anything, gain or loss on listing.
WeWork IPO
The IPO’s primary objective, as outlined in the draft papers, is to list equity shares on Indian stock exchanges. The company expects listing to enhance visibility, improve liquidity for shareholders, and establish a public market for its stock.
Founded in 2017, WeWork India operates under an exclusive license of the global WeWork brand, promoted by Bengaluru-based Embassy Group. The firm currently manages 77 lakh sq ft of workspace across Tier-1 cities such as Bengaluru, Mumbai, Delhi-NCR, Pune, Hyderabad, and Chennai. Of this, 70 lakh sq ft is operational, with a desk capacity of 1.03 lakh. The company employs over 500 people.
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