WeWork India, gearing up for its initial public offering (IPO), has reported a net loss of ₹14.14 crore for the April-June quarter of the current fiscal year. However, the company witnessed a 19% increase in revenue from operations, reaching ₹535.31 crore, compared to ₹448.65 crore in the corresponding period of the previous year.
The IPO is scheduled to open on October 3, 2025, and close on October 7, 2025. The price band for the IPO has been set at ₹615 to ₹648 per share. The offering aims to raise between ₹2,847 crore and ₹3,000 crore. The shares are likely to be listed on the NSE and BSE on October 10, 2025.
The IPO is entirely an offer for sale (OFS) of 4.63 crore shares by promoters and shareholders. The promoter group entity, Embassy Buildcon LLP, will divest 3.54 crore shares, and investor 1 Ariel Way Tenant Ltd (part of WeWork Global) will offload 1.089 crore shares. As the issue is an OFS, WeWork India will not receive any proceeds from the issue; the funds will go entirely to the selling shareholders.
WeWork India, launched in 2017, operates under an exclusive license of the WeWork brand in India and is promoted by Bengaluru-based real estate developer Embassy Group. Embassy Group currently holds approximately 76.21% stake in WeWork India, while WeWork Global owns 23.45%.
The company intends to leverage the IPO to achieve listing benefits, enhance visibility, provide liquidity to existing shareholders, and create a public market for its stock in India. The objective of the offering, as stated in its draft papers, is to achieve the benefits of listing its equity shares on the stock exchanges.
In the first six months of the fiscal year 2024-25, WeWork India posted a profit of ₹174.13 crore, with a total income of ₹960.76 crore. In the full fiscal year 2023-24, the company had a net loss of ₹135.83 crore and a total income of ₹1,737.16 crore.
WeWork India operates across Tier-1 cities, including Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai. As of September 30, 2024, it managed 59 centers with a total capacity of 94,440 desks across eight cities.
The company's adjusted EBITDA margin was 18.05% in the first quarter, compared to 21.67% in the same period last year. WeWork India has been strategically reducing its advertising and sales promotion expenses. In absolute terms, consolidated ad spends stood at ₹37.62 crore in FY23 and dropped to ₹24.75 crore in FY24, with ₹11 crore spent in the six months ended September 30, 2024.
WeWork India faces competition from Smartworks Coworking Spaces and Awfis Space Solutions.
