WeWork India’s IPO continues to witness a lukewarm response on its second day, with only 13% subscription as of October 6, 2025. Despite a slight improvement from Day 1, institutional participation remains weak, while retail investor interest sees some increase. The IPO, which values WeWork India at around INR 8,684 crore, is closely watched as the company aims to expand its presence in the Indian coworking market.
IPO Subscription Update: Mixed Investor Interest
On Day 2, WeWork India’s IPO was subscribed by 13%, a noticeable rise from the 4% subscription on the first day. However, the overall demand remains subdued with bids for just 34.2 lakh shares against an offer of 2.54 crore shares. Among different investor categories, the employees’ quota was the only segment to be oversubscribed at 1.4 times, reflecting solid internal confidence. Retail investors increased their participation, subscribing to 37% of their reserved shares.
Institutional Investor Response Remains Muted
Despite the increase in retail interest, qualified institutional buyers (QIBs) and non-institutional investors (NIIs) have shown limited enthusiasm. QIBs subscribed to only 9% of their quota, with 12 lakh shares bid against a much larger offer of 1.3 crore shares. NIIs subscribed to a mere 6%, bidding for 4.2 lakh shares out of 69.35 lakh reserved. This weak response from institutional investors points to cautious market sentiment around the IPO.
Financial Performance and IPO Valuation
WeWork India has set the IPO price band between INR 615 and INR 648 per share, which values the company at approximately INR 8,684 crore. The company reported a significant reduction in net loss by 51.5% in Q1 FY26 and posted a profit of INR 128.2 crore in FY25 compared to loss-making results the previous year. Operating revenues also saw a healthy rise, reinforcing the company’s improving financial health.
The FlexInsights Take
WeWork India’s IPO subscription numbers underscore a cautious investor approach despite the company’s improving financials and anchor investor confidence. The muted participation from institutional investors signals underlying concerns about valuation or market conditions. Retail investor enthusiasm, while growing, has yet to create robust demand. For investors and stakeholders, the IPO will be a litmus test for the coworking sector’s appetite for public markets amid rising competition. Continuous monitoring of subscription trends and post-listing performance will offer deeper insights into market reception and WeWork India’s growth trajectory.
