The initial public offering (IPO) of WeWork India Management Ltd, a co-working space operator, recorded an 8 percent subscription as of the second day of bidding. According to data from the Bombay Stock Exchange (BSE), investors had placed bids for 20.89 lakh shares out of a total issue size of 2.54 crore shares available.
As of 12:51 PM on October 6, 2025, the retail investor segment was subscribed at 30 percent, while the quotas for qualified institutional buyers (QIBs) and non-institutional investors (NIIs) saw subscriptions of 2 percent and 5 percent, respectively.
WeWork India had previously raised over ₹1,348 crore from anchor investors prior to the public issue. The ₹3,000-crore IPO, which opened on Friday, is priced in the range of ₹615 to ₹648 per share, with the offering set to close on October 7. With the upper end of the price band, the company’s valuation is approximately ₹8,685 crore.
The IPO is entirely an offer for sale (OFS) of up to 4.63 crore equity shares. This includes stake sell-offs by promoter group entity Embassy Buildcon LLP and investor 1 Ariel Way Tenant Ltd, which is part of WeWork Global. Currently, Embassy Group owns about 76.21 percent of WeWork India, with WeWork Global holding 23.45 percent.
As the IPO consists of a pure OFS, WeWork India will not receive any proceeds from the offering; all funds will go to the selling shareholders. In its draft red herring prospectus, the company indicated that the primary aim of the offer is to gain the advantages of being listed on stock exchanges, thereby improving visibility, enhancing liquidity for existing shareholders, and establishing a public market for its stock in India.
Established in 2017, WeWork India operates under an exclusive licensing agreement with the global WeWork brand, and is promoted by Bengaluru-based real estate developer Embassy Group.
Brokerages have expressed cautious optimism regarding the offering. Analysts have noted the company’s strong brand, improving profitability, and growing presence in the flexible workspace sector as positive factors. Additionally, a focus on enterprise clients is expected to lead to more stable revenue streams. However, some firms raise concerns about the valuation; the WeWork India IPO is priced at a high multiple, ranging from 50 to 70 times its earnings for FY25 at the upper price band, which some analysts consider excessive compared to industry peers.
Key issues highlighted include high fixed costs, susceptibility to demand fluctuations, pressures on renewal rates, and revenue concentration risks. While some analysts recommend a long-term subscription for those willing to accept these risks, others advise waiting to assess the stock’s performance post-listing.
Published on October 6, 2025.
