WeWork’s IPO out of SEBI’s abeyance list; promoter Embassy’s Jitu Virwani says ‘Co-working spaces are the way forward’

WeWork India’s public issue is back on track. The Securities and Exchange Board of India (SEBI) has removed the coworking major’s draft IPO papers from its abeyance list and is now actively re-evaluating the company’s DRHP, according to an update on SEBI’s website.This development comes more than three months after the regulator had put the listing bid on hold. In SEBI parlance, keeping a DRHP “in abeyance” typically signals a pause pending further clarification, investigation, or regulatory action.

Speaking exclusively to CNBC-TV18, Jitu Virwani, Chairman of Embassy Group—WeWork India’s promoter—confirmed the IPO was moving forward. “Yes, hopefully it will happen shortly. We’ve filed our DRHP,” he said.

According to media reports, the proposed IPO will be a pure offer-for-sale (OFS) of up to 4.4 crore shares. Embassy Buildcon LLP, the Indian real estate giant, plans to sell 3.4 crore shares, while 1 Ariel Way Tenant, a WeWork Global affiliate, will offload a little over 1 crore shares.Jitu Virwani explained how the coworking business complements Embassy’s broader real estate strategy. “It’s one of those businesses which, when we looked at it, was complementary to our traditional business,” he said. “Everything is cross-functional and is working for us.”

Co-working, he stressed, is now central to how companies approach office space. “It’s an extension and co-working is the way forward.”

Aditya Virwani, Managing Director of Embassy Group, echoed that sentiment. “About 27% of office absorption is happening in this space, so it really makes sense for Embassy to have a position here,” he said. While acknowledging that the global WeWork brand has had its challenges, he added, “The India story is really interesting. People should look out for what’s happening with WeWork India.”

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