India markets regulator approves WeWork franchisee’s IPO

India’s markets regulator has approved an initial public offering by WeWork India Management , the domestic franchisee of the U.S. shared office space manager, according to a regulatory notice on Tuesday.

WeWork India had filed draft papers for the IPO in early February.

The offer consists of 33 million equity shares held by Indian real estate firm Embassy Group and 10.3 million equity shares held by 1 Ariel Way Tenant. The company will not issue new shares.

It has not disclosed how much it intends to raise through the IPO.

WeWork India is controlled by real estate tycoon Jitu Virwani and his son Karan, who own Bengaluru-based developer Embassy Group.

Karan Virwani is also the CEO of WeWork India.