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Coworking space provider WeWork India has received the markets regulator Securities and Exchange Board of India's (SEBI's) approval for initial public offering (IPO).

The company filed its Draft Red Herring Prospectus (DRHP) in February and got the SEBI nod on July 8, according to an update by SEBI.

The proposed IPO is a complete offer for sale (OFS) in which existing investors are selling up to 4.37 crore equity shares. WeWork will not get any proceeds from the IPO.

Through the OFS, Embassy Buildcon LLP will offload up to 33,458,659 equity shares, while WeWork's Global's affiliated entity 1 Ariel Way Tenant Ltd will offload up to 10,295,293 shares.

WeWork's IPO is being managed by JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital Company and 360 ONE WAM.

In the coworking space, most recently, Smartworks Coworking Spaces closed its IPO. The firm's IPO consists of a fresh issue of 1.09 crore shares worth Rs 445.00 crores and an offer for sale (OFS) of 0.34 crore shares amounting to Rs 137.56 crores.

The net proceeds from the IPO will be utilised to repay, prepay, or redeem certain borrowings either fully or partially. Additionally, funds will be allocated toward capital expenditure for fit-outs and security deposits for new coworking centers, along with general corporate purposes.

Also Read: Have you got Smartworks Coworking Spaces IPO allotment? Here's how to check status on BSE, NSE

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