Market regulator SEBI issued observation letters approving IPOs for Studds Accessories and WeWork India Management. Both are OFS-only IPOs—meaning existing shareholders will sell shares, while no fresh capital will be raised. Below is an expanded look into each company’s business operations, revenue, and growth trajectory.
WeWork India IPO Approval
📄 DRHP & IPO Details
- DRHP Filing to SEBI: 4 February 2025
- Observation Letter Issued: 8 July 2025 (pure Offer for Sale)
- Shares Offered: 33.46 million by Embassy Group and 10.30 million by 1 Ariel Way Tenant (~43.76 million shares total)
- IPO Size Structure: No fresh capital; proceeds go to shareholders
🏢 Business Overview
WeWork India is a leading coworking space provider operating under a brand license from WeWork Inc., backed by the Embassy Group. It offers flexible workspace solutions across 59 centres spanning 6.48 million sq ft in major Indian cities. Its business model involves long-term leases, investing in fit-outs, and subleasing to corporates and individuals. Revenue is primarily membership-driven, supported by enterprise solutions, hospitality, and virtual office services.
As of FY24 (ended 31 March 2024):
- Revenue: INR 1,665 crore in FY24, a 26.7% YoY increase from INR 1,314 crore in FY23
- Membership Revenue: INR 1,402.5 crore (~84% of operating revenue)
- Lease Revenue: INR 942 crore (~72% of total revenue) in FY23
- Operations: Leases and manages Grade-A workspace, plus facility services and events; portfolio spans 6.48 million sq ft, ~59 centres, and ~94,440 desks across Tier 1 cities
🏗 Expansion & Operations
- Signed agreements to add ~2 lakh sq ft in Pune and Chennai in June 2025
- Recently leased 60,000 sq ft (~1,000 desks) to Samsung India Electronics in Chennai, showcasing large enterprise tie-ups
- Achieved ~81% occupancy with 70,000+ members, generating robust scale across key urban centres
💡 Business Model Mechanics
- Lease-Operate Model: Secures long‑term leases, invests in fit‑outs, and rents out desks or offices to corporate & individual members
- Revenue Diversification: In addition to membership fees, generates income from enterprise solutions, hospitality and event hosting, and virtual office services
- Scalability & Flexibility: Enables corporates to scale office access up/down without heavy capital commitment; addresses the growing hybrid work trend in India
- Profitability Trend: Turned EBITDA‑positive in 2025’s Q1; still invests in location upgrades but showing operational strength
Studds Accessories IPO Approval
📄 DRHP & IPO Details
- DRHP Filing to SEBI: 28 March 2025
- Observation Letter: 8 July 2025 (OFS-only IPO)
- Shares on Offer: ~7.79 million equity shares; no fresh shares issued
- Promoter Shareholding (Pre-IPO): ~78.8% (or 393.5 million shares) open for partial sell‑down
🏭 Business Overview
Studds Accessories, founded in 1983 and based in Faridabad, is a global leader in manufacturing helmets and two-wheeler accessories. With an annual production capacity of ~9 million helmets, it offers over 240 designs and 15,000+ SKUs under brands like Studds, SMK, Daytona, and O’Neal. The company derives 90% of its revenue from helmets and 10% from accessories such as jackets and visors. Studds holds ~26% share in India’s ride-gear market and exports to over 50 countries across Europe, Americas, Asia, Australia
📊 Financial Snapshot
- H1 FY25: Revenue INR 285 crore; PAT INR 33 crore
- FY24: Revenue INR 529 crore; PAT INR 57 crore
- FY23: Revenue INR 499 crore; PAT INR 33 crore
- Asset Base: ~INR 545 crore as of Sept 2024
Final Remarks
Both companies are OFS-only IPOs, meaning existing investors will exit part of their stake. No fresh capital is being raised, but the listings will provide enhanced transparency and a public benchmark valuation.
- WeWork India is positioned as the fast‑scaling leader in India’s coworking revolution, with robust revenues (~INR 1,665 crore in FY24), strong occupancy (~81%), and quality enterprise clients like Samsung.
- Studds Accessories stands as India’s safety leader in helmets, with a solid balance sheet, strong domestic and export operations, world-scale manufacturing, and consistent profitability.