WeWork India listed at ₹650 on the NSE, slightly above its ₹648 issue price, while listing at ₹632 on the BSE, reflecting a 2.5% discount
WeWork India Management made a weak market debut on Friday, with shares listing at a 0.3% premium on the NSE.
Shares of the company opened at ₹650 on the NSE, compared to the issue price of ₹648. On the BSE, the stock listed at ₹632, marking a 2.5% discount.
Ahead of listing, reports indicated that the company’s grey market premium (GMP) was flat.
At the time of writing, WeWork India’s shares were trading at ₹642.25 on the NSE and ₹639.35 on the BSE.
IPO Details
WeWork India’s IPO closed with full subscription on the final day, largely driven by strong participation from institutional investors. The ₹3,000-crore issue, priced in the ₹615–₹648 per share band, received bids for 2,92,68,374 shares against 2,54,89,748 shares on offer, resulting in an overall subscription of 1.15 times.
The Qualified Institutional Buyers (QIB) portion was the standout, seeing 1.79 times subscription, while eligible employees also showed interest with a 1.87 times subscription rate.
On the other hand, retail and non-institutional investors lagged, with subscription levels of 61% and 23%, respectively, indicating muted demand from smaller investors.
The IPO comprised an offer-for-sale of 4.62 crore shares by promoter Embassy Buildcon and other investors, with major banks and financial institutions like JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital, and 360 ONE WAM acting as book-running lead managers.
Legal Issues
A key concern for the WeWork IPO has been ongoing proceedings against the promoter, though a recent court decision allowing the listing ensures it proceeds as scheduled.
The promoter was named in 2014 by the Enforcement Directorate under the Prevention of Money Laundering Act over alleged corruption and irregularities in government land development and housing projects from 2004.
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