Bombay High Court Upholds WeWork India IPO, Dismisses Petitions, Reaffirms Regulatory Compliance

Bombay High Court Upholds WeWork India IPO, Dismisses Petitions, Reaffirms Regulatory Compliance

The Hon’ble Bombay High Court has firmly dismissed two last-minute writ petitions that sought to derail WeWork India’s Initial Public Offering (IPO), validating the completeness and compliance of the Offer Documents with SEBI ICDR Regulations. The Court has conclusively recognised that the Red Herring Prospectus contained all material, true, and adequate disclosures for investors.

Court Affirms IPO Compliance

The Court affirmed that WeWork India’s IPO adhered to Regulation 6(2) of the ICDR Regulations, rejecting the petitioners’ allegations and confirming that all significant risk factors were appropriately and transparently disclosed.

Petitions Filed at the Eleventh Hour
The petitions, filed on 30 September 2025 by two individuals who were not investors in the IPO, came just one day before the offer opened, despite the draft prospectus being publicly available for eight months. Their engagement of multiple senior counsels and the timing of the filing highlighted the tactical nature of the petitions.

Suppression of Material Facts

The Court noted that one petitioner deliberately withheld critical information, including responses received from WeWork India and the Book Running Lead Managers. This suppression, not even disclosed to his own counsel, led the Court to conclude that the petitioner approached the Court with “unclean hands”, resulting in dismissal of the petition with costs of Rs. 1 lakh.

Intent to Mislead and Public Confidence

The last-minute filing and failure to disclose sources cast doubts on the bona fides of the petitioners. The Court observed that these actions were attempts to mislead the judiciary and influence public perception. Despite this, the IPO was oversubscribed, reflecting market confidence in WeWork India’s offering.

Conclusion

This landmark ruling reinforces the robustness of India’s regulatory framework and protects the interests of legitimate issuers and investors. WeWork India remains steadfast in its commitment to transparency and good governance and looks forward to creating value for its public shareholders.

To be attributed to Spokesperson, WeWork India

If you have a news or deal publication or would like to collaborate on content, columns, or article publications, connect with the Legal Era News Network Team and email us at info@legalera.in or call us on +91 8879634922.