Representational image of the WeWork logo
| Photo Credit: Reuters

SEBI has put the initial public offering (IPO) of premium flexible workspace operator WeWork India Management Ltd in “abeyance”, an update with the markets regulator showed.

The Embassy Group-promoted firm, which filed its draft IPO papers on January 31, planned to offer 4.37 crore shares through an Offer for Sale (OFS) route.

Under the OFS, promoter Embassy Buildcon LLP and investor 1 Ariel Way Tenant Ltd proposed to offload shares, according to the draft red herring prospectus (DRHP).

Without specifying reasons, SEBI stated that the “issuance of observations (has been) kept in abeyance,” according to an update on its website.

In its draft papers, the company stated that the object of the offer is to achieve the benefits of listing the equity shares on the stock exchanges.

Launched in 2017, WeWork India Management is a leading premium flexible workspace operator in the country. It provides flexible, high-quality workspaces to customers, which include companies of all sizes — large enterprises, small and mid-size businesses, startups, as well as individuals.

It leases primarily Grade A office space from leading developers across Tier 1 cities and design, build, and operates them as flexible workspaces.

WeWork India has played a significant role in the growth of the flexible workspace sector in India and has been a key contributor to the evolution of flexible workspace products and services.

JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital Company and 360 ONE WAM are responsible for managing the public issue.