The Grey Market Premium (GMP) currently stands at a modest 0.77% above the issue price. While GMP can give a general sense of potential listing performance, it remains unofficial and subject to rapid fluctuations.
This IPO is a pure offer-for-sale (OFS) by existing promoters and investors. The price band has been fixed at Rs 615–648 per share. The issue closes on October 7, and WeWork India is slated to list on both the NSE and BSE, with a tentative listing date of October 10.
WeWork India IPO Subscription Status
The WeWork India IPO continued to see muted demand on Day 2, with overall subscription reaching just 13%, according to BSE data.
Retail Individual Investors (RIIs) subscribed to 37% of the 46.23 lakh shares reserved for them, showing some early interest from retail participants.
Non-Institutional Investors (NIIs), including high-net-worth individuals and corporates, subscribed to only 6% of their allotted 69.35 lakh shares, indicating limited enthusiasm from this segment.
Qualified Institutional Buyers (QIBs), who typically wait until the final day to invest, bid for just 9% of the 1.38 crore shares allocated to them.
The subdued early response reflects investor caution, and it remains to be seen whether interest will pick up as the IPO nears its closing time.
WeWork India IPO GMP Today
In the grey market, WeWork India shares are trading at a premium of Rs 5 or about 0.77% over the issue price of Rs 648. This suggests a possible listing price around Rs 653, indicating modest investor optimism in unofficial pre-listing activity.
IPO Structure and Timeline
WeWork India’s Rs 3,000-crore Initial Public Offering (IPO) comprises 4.62 crore equity shares and is entirely structured as an Offer for Sale (OFS). This means the company will not receive any proceeds from the issue; instead, the funds will go to existing shareholders, including Embassy Group and WeWork Global, who are partially offloading their stakes.
Notably, WeWork Global will continue to play a dual role as both brand licensor and investor in the Indian operations. For retail investors, the minimum bid size is one lot (23 shares), which amounts to Rs 14,904 at the upper end of the price band set at Rs 648 per share. The maximum allowable application for retail participants is capped at 13 lots, or approximately Rs 1.93 lakh.
The IPO opened for subscription on October 3, 2025, and will close on October 7, 2025. The tentative date for allotment is October 8, while the stock is expected to be listed on the NSE and BSE on October 10, 2025.
Company Overview
Founded in 2017, WeWork India has grown into the country’s leading provider of premium flexible workspaces, operating 68 centres across eight major cities, spanning 7.35 million sq. ft. The company serves a blue-chip client base, including JP Morgan, Amazon, and Uber, with enterprise clients making up nearly 60% of its tenant portfolio — significantly higher than the industry norm.
Financial Performance
WeWork India has delivered a significant financial turnaround in recent years, reflecting both operational efficiency and improved market positioning. The company’s revenue rose sharply from Rs 1,314 crore in FY23 to Rs 1,949 crore in FY25, marking strong top-line growth.
More notably, it achieved a substantial shift in profitability. After posting a loss of Rs 147 crore in FY23, WeWork India reported a profit after tax of Rs 128 crore in FY25. This recovery was accompanied by an improvement in operating performance, with adjusted EBITDA margins reaching 21.6% in FY25 — a healthy indicator of underlying business strength.
However, the IPO valuation reflects a premium. At the upper end of the price band, the offer is priced at 65 times FY25 earnings. In comparison, listed peer Awfis Space is currently trading at a P/E ratio of 58x, while other sector players like Smartworks and Indiqube have yet to achieve profitability.
Analyst Commentary
Market experts are divided on the IPO’s valuation:
Canara Bank Securities has issued a ‘subscribe’ rating, noting the issue appears expensive relative to peers, but acknowledged the company’s brand strength, operational scale, and recent return to profitability as key positives.
Khushi Mistry, analyst at Bonanza, remarked:
“The IPO reflects WeWork India’s successful turnaround and leadership in the co-working space. While long-term prospects are strong, investors should weigh risks such as market volatility and lease renewal uncertainties.”
Market Outlook
India’s flexible workspace market is projected to grow at a CAGR of 21–22% through FY27. With a market share of around 25% and a strategic focus on enterprise clients, WeWork India is well-positioned to tap into this expansion. However, the elevated valuation and the sector’s cyclical nature warrant careful consideration from potential investors.
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