This story was first printed on the Benzinga India portal.
WeWork India, a three way partnership between Bengaluru-based property agency Embassy Group and American co-working large WeWork, is reportedly exploring plans for an preliminary public providing (IPO).
What Occurred: WeWork India is searching for an IPO with a goal valuation of $2 billion to $2.5 billion, as reported by The Arc. The corporate has reportedly appointed JM Monetary because the book-running lead supervisor for the problem.
WeWork India was valued at below $400 million in its final funding spherical in 2020, and the IPO is anticipated to hike that valuation. The corporate goals to boost between $350 million and $475 million by way of its IPO, the report stated.
The ultimate numbers might be decided nearer to the IPO date based mostly on market circumstances. The providing will embody a secondary stake sale by present shareholders, which incorporates WeWork US, in addition to a main capital elevate to help enterprise growth.
The IPO comes on the heels of a disappointing Indian market debut for South Korean carmaker Hyundai Motor Firm, whose Indian unit is listed at a slight low cost following the nation’s greatest IPO.
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The corporate is anticipated to file the required paperwork by the tip of the yr, the report acknowledged. The agency is focusing on a list by the primary half of 2025, because the Embassy Group can also be seeking to shore up liquidity by way of the problem.
Earlier this yr, WeWork US emerged from chapter with an fairness valuation of $750 million, with Indian-origin tech entrepreneur Anant Yardi changing into the brand new majority proprietor. The Embassy, backed by the Virwani household, had sought to accumulate a 27% stake in WeWork India from WeWork International, however these plans reportedly confronted challenges.
To finance this acquisition, WeWork India tried to boost round $150 million from a consortium of traders, which included Enam Group’s household workplace, enterprise fund A91 Companions, and CaratLane founder Mithun Sacheti. The agency was focusing on a valuation of $550 million, however the transaction didn’t transfer ahead ultimately, The Arc added.
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