Comments
WeWork India’s initial public offering (IPO) plans have been put on hold by the markets regulator, adding to a growing list of stalled public offerings, including those of Indira IVF Hospital and Star Agriwarehousing.
SEBI has put the IPO of Embassy Group-promoted firm WeWork in “abeyance”, according to its latest update. The processing status showed that the “issuance of observations (has been) kept in abeyance,” without specifying any reasons.
OFS route
The flexible workspaces operator filed its draft papers at the end of January, offering 4.37 crore shares through an Offer for Sale (OFS) and no fresh issue of shares.
The promoter Embassy Buildcon offered to sell up to 3.3 crore shares, while investor Ariel Way Tenant, through which WeWork Inc holds stake in the Indian company, has offered about one crore shares.
The Embassy Group holds a 72.4 per cent stake in WeWork India, while Ariel Way Tenant holds 22.28 per cent. In FY24, the flexible co-working space provider recorded an operating income of ₹1,661.6 crore from ₹1,314 crore the previous year, but suffered a loss of about ₹130.8 crore in FY24 (₹144.5 crore).
The update also showed that Indira IVF, the fertility clinic chain controlled by Swedish private equity firm EQT, has withdrawn its confidentially-filed IPO draft red herring prospectus. SEBI has also returned the draft IPO documents of Temasek-backed Star Agriwarehousing.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.