Shared office space manager WeWork’s India arm files for IPO

BENGALURU: WeWork India Management, the Indian franchisee of the US-based co-working major, filed draft papers for an IPO with market regulator Sebi. The IPO is structured as an offer for sale of up to 43.7 million equity shares, with promoter Embassy Buildcon and investor 1 Ariel Way Tenant planning to divest. The draft red herring prospectus does not specify the expected valuation or timeline for listing. As of Sept last year, WeWork India’s portfolio comprised 59 operational centres with a leasable area of about 6.4 million square feet.