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Shardul Amarchand Mangaldas is advising WeWork India, the Indian franchisee of U.S. shared office space manager WeWork, on its upcoming initial public offering (IPO) valued at $460 million. 

Khaitan & Co is representing the bookrunning lead managers, JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital Company and 360 One WAM.

The IPO will consist of the sale of 33 million equity shares by Indian real estate firm Embassy Group and 10.3 million equity shares by 1 Ariel Way Tenant (WeWork Global). It will not issue new shares.

WeWork India is controlled by real estate tycoon Jitu Virwani and his son Karan Virwani, who own Bengaluru-based developer Embassy Group. Karan Virwani is CEO of WeWork India.

The upcoming IPO for WeWork India is set to be one of the largest of the year so far, following previous offerings from Capital Infra Trust InvIT, Dr. Agarwal’s Healthcare and Hexaware Technologies. 

The SAM capital markets team comprised partners Nikhil Naredi and Ruth Chenchiah, senior associate M. Koshy Mammen and associates PV Anoushka and Abhit Tanay. 

Khaitan’s deal team included partner Thomas George, principal associate Prathiksha Panduranga, and associates Aadhya Singh, Varun Nair, Lakshmi Raj, Mitluv Semwal, and Anand Sivasankaran.

 

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