The Rs 3,000-crore Initial Public Offering (IPO) of WeWork India was fully subscribed 1.15 times, although it failed to meet its retail quota. Retail Individual Investors (RIIs) subscribed to 61% of the 46,23,677 equity shares allocated to them. Non-Institutional Investors (NIIs) showed weak interest, with only 23% of the 69,35,515 shares subscribed, while Qualified Institutional Buyers (QIBs) drove strong demand, subscribing 1.79 times.
This IPO is a pure offer-for-sale (OFS) by existing promoters and investors. The price band was fixed at Rs 615–648 per share. The issue closed on October 7.
Company overview
Founded in 2017, WeWork India has grown into the country’s leading provider of premium flexible workspaces, operating 68 centers across eight major cities and 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 notable 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 significantly, 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 such as Smartworks and Indiqube have yet to achieve profitability.
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