WeWork India's initial public offering (IPO) has opened today, October 3, 2025, with the aim of raising ₹3,000 crore. The IPO is entirely an offer for sale (OFS), meaning the company will not receive any of the proceeds. The money will go to the selling shareholders, primarily Embassy Buildcon LLP and WeWork International. The IPO closes on October 7, 2025, and the tentative listing date on both the NSE and BSE is October 10, 2025.
About the IPO
The price band for the IPO is set at ₹615 to ₹648 per share, with a market lot of 23 shares. Retail investors can apply for a minimum of one lot, amounting to ₹14,904 at the upper price band. The offer comprises 4.63 crore shares.
Grey Market Premium (GMP)
The Grey Market Premium (GMP) for WeWork India's IPO is ₹15, which translates to about 2.31% over the upper band of ₹648. GMP is an unofficial indication of the premium investors are willing to pay over the issue price before listing. However, it is subject to volatility and should not be the sole basis for investment decisions.
Company Overview
WeWork India, established in 2017, is a leading flexible workspace provider with a significant presence in major Indian office markets, including Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai. As of June 2025, it has 68 centers with 1.14 lakh desks across 7.67 million square feet. WeWork India caters to various clients, including large enterprises, SMEs, startups, and individuals.
Financial Performance
WeWork India has demonstrated consistent revenue growth, with a nearly 22% increase from FY23 to FY25. The company's revenue from operations grew by 26.7% in FY24 and 17.1% in FY25, reaching ₹1,949 crore. The adjusted EBITDA margin improved from 14.6% in FY23 to 21.6% in FY25. However, the company only turned profitable in FY25. In Q1 FY26, revenue rose 19.3% year-on-year to Rs 535.3 crore, while net loss narrowed to Rs 14.1 crore.
Strengths
- Established Brand: WeWork India has strong brand recognition and high search volumes in the flexible workspace market.
- Expanding Customer Base: The company has a steadily growing member base, reaching 87,247 as of June 2025.
- Consistent Track Record: WeWork India has maintained its position as the largest premium flexible workspace operator in India by revenue for three consecutive years.
Risks and Concerns
- Offer for Sale: The IPO is entirely an offer for sale, meaning the company will not receive any proceeds for future growth.
- Valuation: WeWork India's valuation appears high compared to its peers.
- Legal Challenges: Two writ petitions have been filed in the Bombay High Court over disclosures in the prospectus.
Should You Apply?
Given that the IPO is an OFS, the company will not receive any funds. The IPO's Grey Market Premium (GMP) is modest, suggesting limited listing gains. Investors should consider the company's fundamentals and growth potential before applying, rather than relying solely on the GMP. Investors should also consider risks of high valuation and legal challenges.
