Bombay HC throws out petitions against WeWork India IPO nod

The Bombay High Court on Monday dismissed two petitions challenging the Securities and Exchange Board of India’s (SEBI) approval of WeWork India’s initial public offering (IPO), clearing a key hurdle for the coworking space operator’s market debut. A division bench of Justice RI Chagla and Justice Farhan A Dubash rejected a plea filed by investor Vinay Bansal, who had alleged that the company’s draft red herring prospectus (DRHP) contained multiple irregularities. Bansal had also accused the regulator of failing to take action on the issues he claimed to have flagged. The court found no merit in the allegations and imposed a cost of ₹1 lakh on him while dismissing the petition. The bench also heard a separate petition filed by another investor, Hemant Kulshreshtha, who raised similar objections to the IPO approval. This petition, too, was dismissed, though the court did not levy any costs in this instance. The challenges had questioned SEBI’s decision to clear the IPO, arguing that the disclosure documents did not adequately reflect the company’s financial position and internal operations. Both petitioners had sought intervention from the court to halt or review the regulatory approval granted for the offering. Court endorsement With Monday’s order, the high court has effectively endorsed SEBI’s stance that the DRHP met regulatory requirements and that the concerns raised by the petitioners did not warrant judicial interference. The dismissal offers significant relief to WeWork India, which has been attempting to chart its own course despite the troubles faced by its erstwhile global parent, WeWork Inc, which underwent bankruptcy proceedings in the US last year. WeWork India operates independently under a franchise arrangement and has maintained strong growth in the domestic flexible office market. The IPO is expected to provide the company with capital for expansion and strengthen its balance sheet as demand for managed workspaces remains steady. With the legal challenges out of the way, the company can now move ahead with the next steps in the listing process, subject to market conditions and SEBI’s final observations on the offering. Published on December 1, 2025