WeWork India IPO - Company Analysis
The WeWork India IPO is one of the most anticipated mainboard issues of 2025. WeWork India Management Ltd., a leading player in India’s flexible workspace market, is bringing a Rs. 3,000 crore IPO. The company operates co-working spaces and enterprise solutions across top Indian cities. As of June 2025, WeWork India had 65 centres covering 7.93 million sq. ft. with nearly 120,000 seats across eight cities and Singapore. This scale highlights its strong positioning in India’s growing hybrid and flexible office market.
WeWork India IPO Details
The WeWork India IPO date is scheduled from October 3 to October 7, 2025. The allotment is likely on October 8, refunds on October 9, and tentative listing on October 10 at NSE and BSE. The IPO size is Rs. 3,000 crore, comprising an offer for sale of 4.63 crore shares. The price band is Rs. 615–648 per share. Retail investors can apply for a minimum of one lot (23 shares) worth Rs. 14,904.
Industry Outlook
India’s office market is projected to grow at a CAGR of 6.7%, driven by demand from startups, IT firms, and corporates adopting hybrid workspaces. Flexible office operators like WeWork India are expected to benefit from this trend.
Company Financial Performance
WeWork India reported a total income of Rs. 2,024 crore in FY25, up from Rs. 1,737 crore in FY24 and Rs. 1,422 crore in FY23. The company turned profitable in FY25 with a PAT of Rs. 128 crore after two consecutive years of losses. EBITDA improved to Rs. 1,235 crore, signaling operational strength and making the IPO more favorable.
The Objective of The Issue
As this IPO is a pure offer for sale, the company will not receive any proceeds. The issue is primarily for existing shareholders and promoters to dilute their stake.
Listed Peers
Among peers, Awfis Space Solutions trades at a P/E of about 59x, while Smartworks and IndiQube remain loss-making. WeWork India shows stronger fundamentals with recent profitability, although valuations are relatively high.
Evaluation of P/E Ratio
At the upper price band, the IPO values the company at a P/E of 65x based on FY25 EPS of Rs. 9.93. This may seem expensive but is justified by scale, brand, and Embassy Group backing.
IPO Strengths
Market leadership in India’s co-working segment, premium office locations, long-term developer relationships, diverse offerings, and Embassy Group support create strong synergies and brand trust.
IPO Weaknesses
The IPO is a pure OFS with no fresh funds. The business is sensitive to real estate cycles, occupancy levels, and rental escalations, exposing it to economic shifts.
WeWork India IPO GMP
As of September 29, 2025, the IPO GMP is Rs. 0. Grey market activity is expected closer to the listing date, similar to other recent IPOs.
WeWork India IPO Allotment Status
Allotment status can be checked via the registrar’s website or BSE portal after October 8, 2025. Refunds will be initiated by October 9, and shares credited before listing.
Promoters and Management
Promoters include Jitendra Mohandas Virwani, Karan Virwani, and Embassy Buildcon LLP, with pre-issue holdings at 73.56%. Embassy Group backing ensures credibility and real estate synergies.
Dividend Policy
No dividends have been declared in the past three years, indicating a focus on reinvestment and expansion.
FAQs
When will the WeWork India IPO be listed?
Tentatively October 10, 2025.
How to get the WeWork India IPO refund?
Refunds will be initiated by October 9, 2025, to investors’ linked bank accounts.
How to apply?
Investors can apply via Demat accounts using UPI, ASBA, or brokers.
Price of the IPO?
Rs. 615–648 per share.
IPO GMP?
Rs. 0 as of now; may change before listing.
Disclaimer: This blog is for informational purposes only. Consult a financial advisor before investing.
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