New Delhi, Oct. 6 -- WeWork India Management Limited's initial public offering (IPO), which seeks to raise approximately Rs.3,000 crore entirely through an Offer for Sale (OFS), has drawn sharp criticism from proxy advisory firm Ingovern Research Services.

The workspace provider company has been facing hurdles even before its IPO opened for subscriptions on October 3. Prior to the launch, a Jaipur-based investor filed a petition against the Securities and Exchange Board of India (Sebi) in the Bombay High Court, alleging inaction on his detailed complaints against the company.

InGovern's analysis raises multiple concerns regarding the company's financial health and disclosure practices, stating that the proceeds from the IPO are "going e...