Upcoming IPO: WeWork India Management, Studds Accessories get SEBI nod to launch IPO

Upcoming IPO: WeWork India Management Ltd, and Studds Accessories Ltd has been issued final observation by the Securities and Exchange Board of India (SEBI) to launch initial public offering (IPO).

WeWork India Management Ltd specialises in creating, constructing, and managing high-quality workspaces that meet international standards. As of June 30, 2024, Grade A properties constituted around 93% of our portfolio, according to CBRE.

WeWork India operates centers in major Tier 1 cities across India, including Bengaluru, Mumbai, Pune, Hyderabad, Gurgaon, Noida, Delhi, and Chennai. The company benefits from its association with WeWork Global, a leader in flexible office space around the world with roughly 600 wholly-owned and licensed sites across 35 countries.

The company's initial public offering consists of an Offer for Sale (OFS) of a maximum of 43,753,952 equity shares, as indicated by draft Offer document.

The Offer for Sale includes up to 33,458,659 equity shares from Embassy Buildcon LLP (Promoter Selling Shareholder) and up to 10,295,293 equity shares from 1 Ariel Way Tenant Limited (Investor Selling Shareholder).

The book running lead managers for the issue are JM Financial Ltd, ICICI Securities Ltd, Jefferies India Private Ltd, Kotak Mahindra Capital Company Ltd, and 360 ONE WAM Ltd.

Studds Accessories Ltd holds the position of the largest player in the two-wheeler helmet market in India based on revenue for fiscal 2023. The company is also recognised as the world's largest producer of two-wheeler helmets by volume in Calendar Year 2024, according to a CARE Report.

The firm distributes its products throughout India and exports to over 70 countries globally, with significant markets located in the Americas, Asia (excluding India), Europe, and other regions. Additionally, Studds produces helmets for Jay Squared LLC, marketed under the “Daytona” brand in the United States, and also manufactures for O’Neal, supplying their products to markets in Europe, the United States, and Australia.

The firm intends to secure capital by issuing equity share capital through an initial public offering. The public offering includes an OFS of up to 7,786,120 equity shares with a face value of ₹5 per share.

IIFL Capital Services Ltd and ICICI Securities Ltd are serving as the lead managers for the issue.

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