WeWork India is set to launch its ₹3,000 crore initial public offering (IPO) on October 3, with a price band ranging from ₹615 to ₹648. This offering, which is entirely an offer-for-sale (OFS), will conclude on October 7. The OFS includes 4,62,96,296 equity shares, consisting of 3.54 crore shares from Embassy Buildcon LLP (the promoter selling shareholder) and up to 1.09 crore shares from 1 Ariel Way Tenant Ltd. Investors are permitted to bid in multiples of 23 shares.
Of the IPO, up to 75% is reserved for qualified institutional buyers, 15% for non-institutional investors, and the remaining 10% for retail investors.
Anchor Investor Subscriptions
The flexible workspace operator has allocated 2,08,06,548 equity shares to 67 anchor investors, raising ₹1,348.26 crore ahead of the IPO at a price of ₹648 per share. The anchor book saw significant participation from domestic institutional investors, with major mutual funds such as ICICI Prudential, HDFC Mutual Fund, Motilal Oswal Mutual Fund, Aditya Birla Mutual Fund, Axis Mutual Fund, and Canara Robeco Mutual Fund involved. The interest extended globally as well, attracting demand from sovereign and long-only foreign institutional investors, including Edelweiss Mutual Fund, Goldman Sachs Fund, Whiteoak Capital Mutual Fund, and Allianz Global Investors.
Company Overview
Founded in 2017, WeWork India is a leader in the premium flexible workspace sector in India and has maintained the position of the largest operator by total revenue for the past three fiscal years. The company has been instrumental in the growth of the flexible workspace sector in India, catering to a diverse clientele, ranging from large enterprises and SMEs to startups and individuals. As the exclusive licensee of the WeWork brand in India, WeWork operates primarily in major Tier 1 cities, including Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai. Its portfolio predominantly includes Grade A office spaces leased from notable developers and designed to international standards.
As of June 30, 2025, about 94% of WeWork India’s portfolio, totaling 7.07 million square feet, comprises Grade A developments. The company manages 68 centres with a total leasable area of 7.67 million square feet, providing 114,077 desks. Its flexible workspace offerings include private offices, office suites, serviced floors, and managed offices, along with various amenities such as meeting rooms, event spaces, wellness rooms, high-speed internet, and facility management services.
Brokers’ Recommendations
AngelOne has stated that at the upper price band of ₹648, WeWork India’s post-issue price-to-earnings ratio stands at 67.75x, which is considered a premium valuation. While the company is profitable and operating in a growing sector, concerns regarding high fixed costs, revenue concentration, and market risks have led to a “Neutral” recommendation.
Key Risks include challenges posed by a fragmented industry featuring multiple operators, demand fluctuations during economic downturns, and the potential for oversupply in major metropolitan areas.
SBI Securities notes that WeWork India Management Ltd. (WIML) operates 68 centres across eight cities and has an operational desk capacity of 114,077 desks. As the exclusive licensee of the WeWork brand in India, the company benefits from its affiliation with WeWork Global, which has nearly 600 wholly-owned and licensed locations across 35 countries. WeWork’s revenue and EBITDA have historically grown at a CAGR of 21.8% and 24.7%, respectively, achieving profitability in FY25 with an adjusted profit after tax of ₹173 crore, compared to a net loss of ₹146 crore in FY23. At the upper price band of ₹648, the IPO is valued at a FY25 price-to-earnings multiple of 50.1x post-issue, which SBI Securities considers fairly valued. They maintain a Neutral view, preferring to monitor performance following the listing.
Published on: October 3, 2025
