The Securities and Exchange Board of India has cleared WeWork India Management Ltd.’s draft prospectus, allowing the flexible-workspace operator to proceed with an initial public offering that will be structured entirely as an offer for sale. The offering will comprise up to 43.8 million existing equity shares, including about 33.5 million held by promoter Embassy Buildcon LLP and roughly 10.3 million held by 1 Ariel Way Tenant LLP, an affiliate of WeWork Global. Because no new shares are being issued, the company itself will not receive any proceeds from the flotation. The shares are slated to list on both the BSE and the NSE, with JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital and 360 ONE WAM acting as book-running lead managers. The approval comes a week after SEBI lifted a temporary abeyance placed on the filing in March. WeWork India, the exclusive licensee of the U.S. brand, operates 94,440 desks across 59 centres encompassing 6.48 million square feet and counts Amazon Web Services, JPMorgan and Warner Bros. Discovery among its clients. Embassy Group, which owns a controlling stake and is led by chairman Jitu Virwani and chief executive Karan Virwani, expects the listing to broaden the company’s investor base and provide a market benchmark for India’s fast-growing coworking sector.