WeWork India Management drops nearly 4 pc in market debut

New Delhi, Oct 10 (PTI) Shares of WeWork India Management, a co-working space operator, closed nearly 4 per cent lower in the debut trade on Friday.

The shares started trading at Rs 646.50, down by 0.23 per cent from the issue price on the BSE. During the day, the stock declined 5.09 per cent to Rs 615. It finally ended at Rs 624.75 apiece, down 3.59 per cent.

On the NSE, the stock listed at Rs 650 per share, a premium of 0.31 per cent from the issue price. However, later it settled 2.47 per cent lower at Rs 632 per piece.

At the end of the market close, the company's market valuation stood at Rs 8,470.27 crore on the NSE..

In volume trade, 70.72 lakh equity shares of WeWork India Management were traded on the NSE while 4.54 lakh shares exchanged hands on the BSE, during the day..

Meanwhile, the stock markets settled higher on Friday. The 30-share BSE Sensex climbed 328.72 points or 0.40 per cent to close at 82,500.82. The NSE Nifty50 rose 103.55 points or 0.41 per cent to settle at 25,285.35.

The initial public offering (IPO) of WeWork India Management received 1.15 times subscription on the last day of bidding on Tuesday. Last week, WeWork India collected a little over Rs 1,348 crore from anchor investors.

The Rs 3,000-crore company's IPO has a price band of Rs 615-648 per share.

The public issue was entirely an offer for sale of up to 4.63 crore equity shares, saw promoter group entity Embassy Buildcon LLP and investor 1 Ariel Way Tenant Ltd (part of WeWork Global) divest their stakes.

In its draft papers, WeWork India stated that the objective of the offer is to achieve the benefits of listing its equity shares on the stock exchanges. The company expects the listing to enhance visibility, provide liquidity to existing shareholders, and establish a public market for its stock in India.

Founded in 2017, WeWork India operates under an exclusive licence of the WeWork brand in India, promoted by Bengaluru-based real estate developer Embassy Group.

At present, WeWork India operates across Tier-1 cities, including Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai, managing 77 lakh sq ft of space, of which 70 lakh sq ft is operational, with a desk capacity of 1.03 lakh. The firm employs over 500 people. PTI HG HG MR