WeWork India IPO to open on October 3; company sets price band at Rs 615-648 per share

Co-working major WeWork India will open its initial public offering (IPO) for subscription on October 3, setting a price band of Rs 615-648 per share.

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The issue, which will be entirely an offer for sale (OFS) of up to 4.63 crore shares, seeks to raise between Rs 2,847 crore and Rs 3,000 crore.

At the upper end of the price range, the company’s implied valuation stands at about Rs 8,685 crore. The subscription window will remain open until October 7, with anchor bidding scheduled for October 1. The allotment is expected on October 8, followed by listing on the NSE and BSE on October 10.

The offering will see promoter Embassy Buildcon LLP selling 3.54 crore shares, while 1 Ariel Way Tenant Ltd, an affiliate of WeWork Global, will divest 1.09 crore shares. Before the IPO, Embassy Buildcon owned between 73.56-76.21%, and WeWork Global held 22.64-23.45% in the Indian unit.

Proceeds from the sale will accrue solely to the selling shareholders, with no fresh capital raised.

Issue structure:

• 75% reserved for Qualified Institutional Buyers (QIB).

• 15% for Non-Institutional Investors (NII).

• 10% for Retail Investors.

• Minimum lot size: 23 shares, translating into Rs 14,904 per lot at the higher end.

Financial performance and operations

Founded in 2017, WeWork India operates 68 centres with 114,077 desks across eight cities, including Bengaluru, Mumbai, Delhi, and Chennai. Bengaluru contributes 46.1% of the total capacity, while Mumbai accounts for 22.6%. The operator manages about 7.7 million sq. ft. of space, of which 7 million sq. ft. is operational.

For the June 2025 quarter, the company reported Rs 535.3 crore in revenue, up 19.3% year-on-year, though adjusted EBITDA margin slipped to 18.05% from 21.67% a year ago. Net loss narrowed to Rs 14.1 crore, from Rs 29.1 crore in the year-ago period. Average revenue per billed desk declined 3.3% to Rs 19,085.

WeWork India pays management fees to its global parent, amounting to 3.65% of revenue in FY24, down from 4.02% the previous year. Debt stood at Rs 389 crore as of June 2025. The company has expanded through acquisitions, including Zoapi Innovations (video conferencing platform, 2022) and a 37.5% stake in Upflex Anarock India (co-working aggregator, 2023).

WeWork India’s listing follows a wave of IPOs in the domestic co-working sector. Awfis Space Solutions Ltd went public in May 2024, raising Rs 599 crore, and saw its stock peak at Rs 950 before stabilising around Rs 550-560. Smartworks Coworking Spaces Ltd debuted in July 2025 after its issue was oversubscribed 13.45 times, listing at Rs 435, about 7% above issue price. In contrast, IndiQube Spaces Ltd listed below issue price at Rs 216 in July, though it later posted strong first-quarter FY26 results.

The IPO is managed by JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital, and 360 ONE WAM as book running lead managers.