Just two days before its listing, WeWork India’s Rs 3,000 crore IPO has come under scrutiny after governance advisory firm InGovern raised red flags about the company’s financial health, cost structure, and transparency in disclosures.
The report also questioned promoter share pledges and the company’s dependence on tax credits to report profits.
As WeWork India’s IPO entered its third day of bidding on Tuesday, October 7, InGovern said that the company’s financial position appeared weak despite showing profitability on paper.
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The analysis noted that WeWork India’s lease expenses were disproportionately high, accounting for over 43% of its
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