🚨 Proxy Firm Flags Concerns on WeWork India IPO OFS, Audit Issues & Promoter Risks Explained

⚠️ InGovern Raises Red Flags on WeWork India IPO!

Proxy advisory firm InGovern has warned investors about serious governance and financial risks in WeWork India’s ₹3,000 crore IPO — despite the issue attracting strong anchor backing of ₹1,348 crore.

💡 Key Concerns:

🔸 Full Offer for Sale (OFS): No new funds go to WeWork India — proceeds benefit promoters.

🔸 Temporary De-pledging: Over 53% promoter shares unpledged just for IPO; may be re-pledged later.

🔸 Audit Flags: Repeated audit qualifications and weak internal controls from FY22–FY24.

🔸 Promoter Litigation: Pending cases under CBI, ED, and Prevention of Corruption Act.

🔸 Ongoing Losses: 43% of FY25 revenue goes to leases — profit mainly from tax adjustments.

🏦 Anchor Investors:
Strong participation from HDFC MF, ICICI Prudential, Nippon, Aditya Birla MF, but retail response remains muted — only 13% subscribed on Day 2.

🧠 InGovern’s Take: “Listing isn’t the end of scrutiny — it’s when governance gets tested in public.”

📈 IPO closes today, October 7. Stay tuned for final subscription data!

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