NEW DELHI, Feb 2 (Reuters) - The Indian franchisee of

U.S. shared office space manager WeWork has filed for an initial

public offering in Mumbai, draft papers filed by the company

showed.

The offer will consist of the sale of 33 million equity

shares by Indian real estate firm Embassy Group and

10.3 million equity shares by 1 Ariel Way Tenant. It will not

issue new shares.

"The company will not receive any proceeds from the offer

for sale," WeWork India Management said in the papers filed on

Saturday, which did not detail expected pricing or time frame.

WeWork India has an aggregate leaseable area of 602,012

square metres (6.48 million square feet).

Its U.S. franchisor filed for bankruptcy in November 2023,

ending a months-long restructuring process involving a strategy

revamp and exits from several locations.

Once the most valuable U.S. startup, WeWork expanded at

breakneck pace which resulted in significant loss due to

expensive leases and a pandemic-driven slump in demand.

WeWork India is controlled by real estate tycoon Jitu

Virwani and son Karan Virwani who own Bengaluru-based developer

Embassy Group. Karan Virwani is CEO of WeWork India.