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What is the story about?
Shares of WeWork India Management Ltd. will be in focus on Tuesday as the India-unit of global co working space provider WeWork sees the end of its three-month shareholder lock-in period.
January 6 marks the expiry of the lock-in, which will make 10.4 million shares, or about 8% of the company's outstanding equity, eligible for trading, according to brokerage firm Nuvama Alternative & Quantitative Research.
Based on the current market price, the value of shares becoming eligible for trade is estimated at nearly ₹638 crore.
It is important to note that the expiry of the shareholder lock in does not imply that all these shares will be sold in the open market, but only that they are now free to be traded.
Speaking to CNBC-TV18 recently, WeWork India Managing Director and Chief Executive Officer Karan Virwani said the company is moving beyond its original role as a co working space provider and repositioning itself as a broader managed services partner for businesses.
Virwani said this transition has evolved alongside changing client needs. When WeWork entered India around eight years ago, it primarily catered to startups and mid sized firms seeking flexible office spaces. With rising demand from large enterprises, expectations have also shifted.
"We move from co working to now what we're doing is workspace as a service," he said, adding that the company now serves customers ranging from freelancers requiring a desk for a day to global corporations seeking large office footprints.
Shares of WeWork India Management Ltd. ended 0.90% lower on Monday at ₹613, and are currently trading about 5% below the issue price of ₹648.
January 6 marks the expiry of the lock-in, which will make 10.4 million shares, or about 8% of the company's outstanding equity, eligible for trading, according to brokerage firm Nuvama Alternative & Quantitative Research.
Based on the current market price, the value of shares becoming eligible for trade is estimated at nearly ₹638 crore.
It is important to note that the expiry of the shareholder lock in does not imply that all these shares will be sold in the open market, but only that they are now free to be traded.
Speaking to CNBC-TV18 recently, WeWork India Managing Director and Chief Executive Officer Karan Virwani said the company is moving beyond its original role as a co working space provider and repositioning itself as a broader managed services partner for businesses.
Virwani said this transition has evolved alongside changing client needs. When WeWork entered India around eight years ago, it primarily catered to startups and mid sized firms seeking flexible office spaces. With rising demand from large enterprises, expectations have also shifted.
"We move from co working to now what we're doing is workspace as a service," he said, adding that the company now serves customers ranging from freelancers requiring a desk for a day to global corporations seeking large office footprints.
Shares of WeWork India Management Ltd. ended 0.90% lower on Monday at ₹613, and are currently trading about 5% below the issue price of ₹648.
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