New Delhi: The initial public offer of co-working space operator WeWork India Management Ltd sailed through on the last day of the share sale on Tuesday, getting 1.15 times subscription, led by institutional buyers.
The Rs 3,000-crore IPO received bids for 2,92,68,328 shares against 2,54,89,748 shares on offer, according to NSE data.
Qualified Institutional Buyers’ (QIBs) category fetched 1.79 times subscription, while the quota for Retail Individual Investors (RIIs) received 61 per cent subscription. The portion for non-institutional investors got 23 per cent subscription.
WeWork India has collected a little over Rs 1,348 crore from anchor investors.
The company’s issue has a price band of Rs 615-648 per share, valuing the company at around Rs 8,685 crore at the upper end.
The IPO, entirely an offer for sale of up to 4.63 crore equity shares, saw promoter group entity Embassy Buildcon LLP and investor 1 Ariel Way Tenant Ltd (part of WeWork Global) divest their stakes.
Since the issue is an OFS, WeWork India will not receive any proceeds from the issue, and the funds will go entirely to selling shareholders.
In its draft papers, WeWork India stated that the objective of the offer is to achieve the benefits of listing its equity shares on the stock exchanges.