Summary of this article
WeWork IPO shares listed at Rs 650 on the NSE, and at Rs 646.50 on the BSE, almost listing flat to its IPO price of Rs 648 apiece
Ahead of listing WeWork IPO traded with nil GMP, already indicating a weak listing
Since the company did not issue any fresh shares, it won’t receive any net proceeds
Shares of co-working space provider WeWork India Management made a flat debut on the Dalal Street on October 10.
On the NSE, WeWork shares opened at Rs 650 per share, up 0.31 per cent, and on the BSE, they opened at Rs 646.50 apiece, down 0.23 per cent from is issue price.
WeWork offered its shares with a price band of Rs 615 to Rs 648 per share, with a lot size of 23 shares. Retail investors were required to invest a minimum amount of Rs 14,904.
Ahead of listing, WeWork shares traded with nil grey market premium (GMP), multiple websites that track such trades showed, already indicating a weak listing.
WeWork IPO Subscription Details
WeWork's initial public offering (IPO) barely managed to get full subscription by the end of the final day of its three-day bidding window, which was open from October 3 to October 7.
The IPO received an overall subscription of 1.15 times the shares on offer. The qualified institutional buyer (QIB) quota was booked 1.79 times. The non-institutional investor (NII) category didn't even see a full subscription, with NIIs booking only 23 per cent or 0.23 times the shares on offer.
The retail investor portion also remained under-booked, only getting subscribed 61 per cent or 0.61 times. The employees of the company, which were offered shares at a discount of Rs 60 to the issue price, booked the IPO 1.87 times their quota.
WeWork IPO Details
WeWork IPO was a book-built issue of Rs 3,000 crore, composed of entirely an offer for sale component of 46.29 million shares. Successful allottees were allotted shares on October 8 and the non-allottees were refunded by October 9.
JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital, and 360 ONE WAM were the book-running lead managers, and MUFG India Intime was the registrar to the issue.
WeWork IPO Anchor Investor List
Ahead of the IPO, WeWork India raised Rs 1,348.26 crore from 67 anchor investors, allocating 20.80 million equity shares at Rs 648 apiece.
Among the marquee investors were Goldman Sachs Fund, Whiteoak Capital, Amundi Funds, and Allianz Global.
As many as 32 domestic mutual fund schemes participated in the anchor round. ICICI Prudential Technology Fund bought the bulk of stakes, investing around 6.69 per cent of the total anchor book.
