WeWork India IPO Raises Eyebrows: InGovern Points To Governance And Promoter Risks

Proxy advisory firm InGovern has flagged several concerns over WeWork India’s IPO. According to a report by Moneycontrol, InGovern founder Shriram Subramanian said the IPO’s structure — a full offer for sale (OFS) with no fresh capital infusion — along with its pre-listing conditions, raises doubts about promoter intent, financial health, and governance oversight. The Rs 3,000-crore IPO included up to 4.63 crore shares priced at Rs 615–648, with nearly 45 percent allotted to anchor investors, helping raise Rs 1,348 crore. Since the issue was entirely an OFS, all proceeds will go to existing shareholders — primarily Embassy Buildcon LLP and WeWork International — instead of WeWork India. As Moneycontrol noted, subscription from non-anchor investors stayed weak during the book-building pro