Bengaluru, Sept. 29 -- WeWork India Management Ltd, the country's largest flexible workspace operator, will launch its initial public offering (IPO) on Friday as its shareholders plan to raise up to Rs.3,000 crore.

The issue is set to be a pure offer for sale (OFS), with no fresh issue as promoter Embassy Buildcon LLP and investor 1Ariel Way Tenant (WeWork International) selling shares.

Currently, Embassy holds about 76.21% in WeWork India, while Ariel owns 23.45%. Post IPO, Embassy will continue to hold around 50% of the business, while WeWork International's stake will be in the mid-teens.

"They won't exit fully," said Karan Virwani, managing director and chief executive officer at WeWork India.

With a portfolio of 114,000 desks and...