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Over three months after it kept WeWork India’s draft IPO papers in abeyance, the markets regulator has reinstated the company’s public listing bid.

As per the latest update on SEBI website, the regulator is currently processing or re-evaluating the coworking major’s DRHP.

In SEBI parlance, kept in abeyance means that the regulator’s observations on draft papers are temporarily put on hold, usually pending investigation or regulatory action.

It is not clear as to why SEBI kept the WeWork India IPO in abeyance. A report by NDTV Profit said that the reason behind it was the delay in exchange disclosure by Embassy Office Parks, a company backed by WeWork India’s parent Embassy Group, pertaining to a case involving its ousted CEO Aravind Maiya.

WeWork India’s IPO will comprise solely an offer-for-sale (OFS) component of up to 4.4 Cr shares. The company’s parent company Embassy Buildcon LLP will sell 3.4 Cr shares, while global coworking space provider WeWork’s affiliate 1 Ariel Way Tenant will offload over 1 Cr shares in the company.

(The story will be updated soon)

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