Launched in 2017, WeWork India Management has quickly risen to become the country’s leading premium flexible workspace operator. It holds the exclusive license for the WeWork brand in India and has consistently been the largest player by revenue over the past three financial years. The company operates 59 centres across major cities with a total leasable area of 6.48 million square feet and nearly 95,000 desks. A large share of its portfolio is in Grade A buildings, strengthening its positioning among enterprise clients.

WeWork India serves a diverse range of members including Fortune 500 companies, global capability centres, startups, small businesses, and freelancers. Enterprise clients contributed more than 76 percent of its net membership fees in the first half of FY2025 and international companies accounted for over 60 percent. Among its marquee clients are Amazon Web Services, JP Morgan, and Deutsche Telekom. The company’s strong customer loyalty is reflected in its Net Promoter Score of 74.1 in H1 FY2025.

IPO Details

The WeWork India IPO will open for subscription on October 3 and close on October 7. The issue is purely an offer for sale of 4.63 crore equity shares, amounting to a total size between Rs 2,847 crore and Rs 3,000 crore. The price band is fixed at Rs 615 to Rs 648 per share with an employee discount of Rs 60. Investors can bid for a minimum lot size of 23 shares, requiring an investment of Rs 14,904 at the lower end. The company’s shares will be listed on both NSE and BSE, with the listing date set for October 10.

Financial Performance

WeWork India has shown strong revenue growth across the last three years. Revenues rose from Rs 784 crore in FY2022 to Rs 1,665 crore in FY2024, with Rs 918 crore already recorded in the first half of FY2025. After years of losses, the company reported a net profit of Rs 174 crore in H1 FY2025, translating into a margin of 19 percent. This marks a significant turnaround compared to a loss of Rs 643 crore in FY2022 and Rs 146 crore in FY2023.

The company’s revenue-to-rent multiple of 2.7 outperforms the industry average, indicating stronger efficiency in monetizing space. Net ARPM stood at Rs 19,850 and Total ARPM at Rs 22,039 in H1 FY2025, highlighting robust income metrics per desk.

Valuation and Market Outlook

With this offering, WeWork India aims to strengthen its financial position and provide liquidity for its promoters. The IPO comes at a time when demand for flexible and premium office spaces is rising across Tier 1 cities including Bengaluru, Mumbai, and Delhi. Analysts note that the company’s scale, premium positioning, and brand equity give it an edge over peers. Its turnaround to profitability also adds confidence among investors looking for exposure to India’s growing commercial real estate and flexible workspace segment.

Allotment and Listing Timeline

The basis of allotment will be finalized on October 8, with refunds and credit of shares to demat accounts expected on October 9. The stock will debut on the exchanges on October 10. Investors are closely watching the IPO for listing performance, as it is one of the largest mainboard offerings this season.

The Bigger Picture

WeWork India’s IPO represents more than just a listing. It reflects the growing importance of flexible workspaces in India’s rapidly changing corporate landscape. With global and domestic companies increasingly seeking flexible, tech-enabled, and premium office solutions, WeWork India is positioned to benefit from long-term demand. The Embassy Group-backed operator has combined strong brand recognition with operational scale, creating momentum that the public issue is expected to capitalize on.

 

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