WeWork India IPO crawls to 4% subscription on day one

WeWork India’s preliminary public providing opened with a whimper, as bids trickled in at a fraction of the out there shares.

Knowledge from the cumulative demand schedule reveals that, on October 3, solely about 1.1 million shares had been bid for out of the 25.5 million on provide, translating into simply 4% subscription.

Certified institutional consumers submitted 277,794 bids in opposition to 13.9 million reserved shares, or a subscription of two%. Mutual funds had been the one gamers current, whereas overseas establishments, banks and insurers did not take part.

Excessive-net-worth buyers weren’t enthusiastic both. Towards 6.9 million shares reserved, they positioned simply 111,412 bids (2% subscription). Inside that, bigger ticket buyers (above Rs 10 lakh) barely moved the needle, taking on 19,320 shares, whereas mid-tier buyers (Rs 2–10 lakh) contributed 92,092 bids

Retail particular person buyers (RIIs) put in probably the most seen demand, however nonetheless left the class undersubscribed. Out of 4.6 million shares reserved for them, they bid for 669,553 shares, or 14% subscription.

The lone brilliant spot got here from WeWork India’s personal staff. Their reserved portion of 59,523 shares noticed 90% subscription, with 53,498 bids positioned.

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WeWork India units worth band of Rs 615–648 for Rs 3,000 Cr IPO

The Bengaluru-based premium versatile workspace operator raised Rs 1,348.26 crore from anchor buyers forward of its preliminary public providing (IPO). The corporate has allotted 2.08 crore shares at Rs 648 per share to 67 buyers.

The anchor e-book noticed robust participation from home establishments, together with ICICI Prudential, HDFC MF, Motilal Oswal, Aditya Birla, Axis, and Canara-Robeco mutual funds, together with insurers equivalent to Canara HSBC Life, SBI Normal, Kotak Mahindra Life, and Bajaj Allianz Life. World buyers included Goldman Sachs Fund, Allianz World Buyers, and Al Mehwar Business Investments.

The Rs 3,000-crore IPO opened on October 3 and can shut on October 7, with a worth band of Rs 615–648 per share.

The difficulty, completely a suggestion on the market of 4.63 crore shares, will see promoter Embassy Buildcon divest 3.54 crore shares and investor 1 Ariel Means Tenant Ltd (a part of WeWork World) promote 1.09 crore shares.