WeWork India's IPO Put on Hold by Sebi

Sebi has delayed the IPO of WeWork India Management Ltd. The premium workspace provider's IPO, initially planned in January, involved offering shares through the Offer for Sale route by Embassy Buildcon LLP and 1 Ariel Way Tenant Ltd. Sebi has yet to disclose the reasons for the delay.

The Securities and Exchange Board of India (Sebi) has put the initial public offering (IPO) of WeWork India Management Ltd in ''abeyance,'' according to a Monday update from the markets regulator.

WeWork India, a premium flexible workspace operator promoted by Embassy Group, originally filed its draft IPO papers on January 31. The firm planned to offer 4.37 crore shares through an Offer for Sale (OFS) route. Under this plan, promoter Embassy Buildcon LLP and investor 1 Ariel Way Tenant Ltd intended to offload shares.

Sebi has not provided any reasons for the delay, with a notice stating the ''issuance of observations (has been) kept in abeyance.'' WeWork India's aim was to achieve the benefits of listing equity shares on the stock exchange. Since its launch in 2017, WeWork India has significantly contributed to the flexible workspace sector by leasing prime office spaces across Tier 1 cities, which are converted into premium flexible workspaces.

(With inputs from agencies.)