This story was first published on the Benzinga India portal.

WeWork India, a joint venture between Bengaluru-based property firm Embassy Group and American co-working giant WeWork, is reportedly exploring plans for an initial public offering (IPO).

What Happened: WeWork India is seeking an IPO with a target valuation of $2 billion to $2.5 billion, as reported by The Arc. The company has reportedly appointed JM Financial as the book-running lead manager for the issue.

WeWork India was valued at under $400 million in its last funding round in 2020, and the IPO is anticipated to hike that valuation. The company aims to raise between $350 million and $475 million through its IPO, the report said.

The final numbers will be determined closer to the IPO date based on market conditions. The offering will include a secondary stake sale by existing shareholders, which includes WeWork US, as well as a primary capital raise to support business expansion.

The IPO comes on the heels of a disappointing Indian market debut for South Korean carmaker Hyundai Motor Company, whose Indian unit is listed at a slight discount following the country's biggest IPO.

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The company is expected to file the necessary documents by the end of the year, the report stated. The firm is targeting a listing by the first half of 2025, as the Embassy Group is also looking to shore up liquidity through the issue.

Earlier this year, WeWork US emerged from bankruptcy with an equity valuation of $750 million, with Indian-origin tech entrepreneur Anant Yardi becoming the new majority owner. The Embassy, backed by the Virwani family, had sought to acquire a 27% stake in WeWork India from WeWork Global, but those plans reportedly faced challenges.

To finance this acquisition, WeWork India attempted to raise around $150 million from a consortium of investors, which included Enam Group's family office, venture fund A91 Partners, and CaratLane founder Mithun Sacheti. The firm was targeting a valuation of $550 million, but the transaction did not move forward in the end, The Arc added.