WeWork India is set to launch its ₹3,000 crore IPO, opening for bids from October 3 to October 7, 2025. This is a pure offer for sale (OFS), with no fresh shares being issued and significant stakes being sold by major shareholders. The offering underscores the company’s position in the Indian flexible workspace sector, with planned listings on both NSE and BSE.
IPO Overview
- The price band for the IPO is set between ₹615 and ₹648 per share. The offering is exclusively an OFS totalling 4.63 crore shares, estimated to raise between ₹2,847 crore and ₹3,000 crore at the upper end.
- Embassy Buildcon LLP, the promoter, will sell 3.54 crore shares, and investor 1 Ariel Way Tenant Ltd. will offload 1.089 crore shares.
- Prior to the IPO, Embassy Buildcon holds a 73.56% stake, and WeWork International holds 22.64%.
- Retail investors must bid for a minimum lot of 23 shares, translating to ₹14,904 per lot. Further bids require multiples of 23 shares.
Timeline & Allotment
- Bidding opens on Friday, October 3, and closes on Tuesday, October 7, 2025.
- The final allotment will be completed by October 8; shares will be listed on NSE and BSE on October 10, 2025.
- The anchor investor bidding is scheduled before the IPO opens.
Financial Performance & Operations
- WeWork India reported Q1 FY26 revenue of ₹535.3 crore, up 19.3% year-on-year, but posted a net loss of ₹14.1 crore. The EBITDA margin contracted to 18.05% from 21.67% the previous year.
- The company manages 68 operational centres with 1.14 lakh desk capacity in 8 cities, with Bengaluru (46.1%) and Mumbai (22.64%) making up most of the footprint.
- Service and ancillary revenue, including amenities such as customisations and food, accounts for about 9.7% of overall revenue.
- Borrowings stand at ₹389 crore as of June 2025.
Offer Structure & Management
- This IPO does not include any fresh issue—100% of proceeds go to selling shareholders.
- 75% of the offer is reserved for QIBs, 15% for non-institutional investors.
- Lead managers for the IPO include JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital, and 360 ONE WAM.
Strategic Moves & Acquisitions
- In 2022, WeWork acquired Zoapi Innovations, a cloud-based video conferencing platform.
- In 2023, it took a 37.5% stake in Upflex Anarock India, a workspace aggregator.
The FlexInsights Take
The WeWork India IPO underlines the rising investor confidence in the flexible workspace market. A pure OFS signals promoter exit opportunities but offers retail and institutional investors access to a sector leader with strong metro presence. While revenue growth is robust, narrowing margins and sustained net losses highlight sector headwinds. The IPO’s outcome could set the tone for future office space listings, especially with peers like Awfis and Smartworks already public.
