WeWork India's IPO opened today, October 3, 2025, inviting subscriptions for an issue valued at ₹3,000 crore. The IPO will remain open until October 7, 2025, with a price band fixed at ₹615 to ₹648 per share.
Issue Details:
- Price Band: ₹615 to ₹648 per share.
- Issue Size: The IPO aims to raise ₹3,000 crore through an offer for sale of 4.375 crore shares.
- Offer for Sale (OFS): The entire issue is an offer for sale, meaning the company will not receive the proceeds. The funds will go to the selling shareholders, Embassy Buildcon LLP and WeWork Inc. affiliate 1 Ariel Way Tenant Ltd.
- Lot Size: Investors can bid for a minimum of 23 shares, requiring an investment between ₹14,145 and ₹14,904 at the given price band.
- Listing: The IPO is proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on October 10, 2025.
- Reservation: 75% of the offer is reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for retail investors.
Grey Market Premium (GMP):
The Grey Market Premium (GMP) for WeWork India IPO is around ₹15 per share. According to IPO Watch, this indicates a premium of 2.31% over the upper price band of ₹648, suggesting a modest premium upon listing.
Anchor Investors:
Prior to the IPO opening, WeWork India raised ₹1,348.26 crore from 67 anchor investors on October 1, 2025. The company allotted 20.8 million equity shares at ₹648 per share to these investors. Major mutual funds like ICICI Prudential, HDFC MF, Motilal Oswal MF, Aditya Birla MF, Axis MF and Canara Robeco MF, along with insurance companies such as Canara HSBC Life, SBI General, Kotak Mahindra Life and Bajaj Allianz Life, participated in the anchor book. International investors like Goldman Sachs Fund, Al Mehwar Commercial Investments LLC (Wanda), and Allianz Global Investors also invested.
Company Overview:
Launched in 2017, WeWork India is a flexible workspace operator with 68 operational centers and a desk capacity of 1,14,077 across eight cities in India as of June 30, 2025. The company provides a range of workspace solutions, including co-working spaces, managed offices, enterprise office suites, private offices, and hybrid digital solutions. WeWork India caters to various clients, from large enterprises to startups and independent professionals. Enterprise clients constitute approximately 60% of their tenant base.
Financial Performance:
WeWork India has demonstrated a turnaround in its financial performance. Revenue increased from ₹1,314 crore in FY23 to ₹1,949 crore in FY25. The company's profit after tax (PAT) swung from a loss of ₹147 crore in FY23 to a profit of ₹128 crore in FY25. Adjusted EBITDA margins improved to 21.6% in FY25.
Should you subscribe?
Brokerages have mixed opinions on the IPO. Angel One has a "Neutral" view due to high valuations. SBI Securities also assigned a "Neutral" rating, noting that the company is fairly valued at a P/E multiple of 50.1 times its FY25 earnings. Canara Bank Securities recommends subscribing, citing the brand, scale, and profitability turnaround, but acknowledges that the IPO appears on the higher end compared to peers.
Key Dates:
- IPO Opening Date: October 3, 2025.
- IPO Closing Date: October 7, 2025.
- Allotment Date (Expected): October 8, 2025.
- Refunds/Credit of Shares (Likely): October 9, 2025.
- Listing Date (Expected): October 10, 2025.
