In this months edition of “Decoding Exits”, Vikram from our Growth Investments team, shines the spotlight on companies that rang the bell in October and have generated liquidity for their investors.
From WeWork India staying profitable despite its global parent’s turbulence to Rubicon Research taking 26 years to finally ring the bell, October alone generated ~₹4,000 crore of liquidity in India’s public markets.
Here are the key deal insights:
WeWork India IPO
• Listed at ~₹8,700 Cr market cap
• Issue size: ~₹3,000 Cr (100% OFS; ~₹2,300 Cr to Embassy Group + ~₹700 Cr to WeWork Global)
• Key investors: Embassy Group (majority partner), WeWork Global
Rubicon Research IPO
• Listed at ~₹8,000 Cr market cap (later moved to ~₹10,000 Cr)
• Issue size: ₹1,380 Cr (₹500 Cr fresh + ₹878 Cr OFS)
• Key investors: General Atlantic (major OFS participant)
Liquidity generated by QRG Investments from Awfis
• QRG entered Awfis at ~₹1,000 Cr valuation
• Exit value now around ~₹4,200 Cr (≈4× over 5–6 years)
• Key investor: QRG Investments & Holdings (Havells family office)
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