WeWork India IPO Day 3: 0.16% Subscription So Far, GMP Nil; Should You Subscribe?

Last Updated:October 07, 2025, 11:45 IST

WeWork India IPO closes today with a Rs 3,000 crore OFS, price band Rs 615 to Rs 648. Subscription at 0.16 times, flat GMP. Listing on BSE and NSE set for October 10.

WeWork India IPO Closing Today

WeWork India IPO GMP: The three-day subscription window for WeWork India IPO is closing today, October 07.  The price band of the Rs 3,000-crore IPO has been fixed in the range of Rs 615 to Rs 648 apiece. Till 11:00 am on the third day of bidding, the IPO received a 0.16 times subscription, garnering bids for 40,64,307 shares as against the 2,54,89,748 shares on offer.

WeWork India IPO Opening Date, Other Key Dates

The IPO remains open for public subscription between October 3 and October 7, while bidding for anchor investors will take place on October 1, according to the company’s public announcement. Its allotment will be finalised on Wednesday, October 8, while its listing will take place on October 10 on both the BSE and the NSE.

WeWork India IPO Lot Size

Investors can place bids for a minimum of 23 shares and in multiples thereafter. So, the minimum amount of investment required by a retail investor is Rs 14,904, based on the upper IPO price. The lot size investment for small NII is 14 lots (322 shares), amounting to Rs 2,08,656, and for big NII, it is 68 lots (1,564 shares), amounting to Rs 10,13,472.

WeWork India IPO GMP Today

According to market observers, unlisted shares of WeWork India Ltd are currently trading at Rs 648 apiece, against the upper IPO price of Rs 648. It means a grey market premium (GMP) of nil, indicating flat or negative listing gains for investors as of now.

The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

The IPO will be listed on both the BSE and the NSE.

WeWork India IPO: Should You Apply?

Brokerages have largely given a positive response to WeWork India Management Ltd.’s initial public offering (IPO), citing strong financial performance, leadership in the flexible workspace segment, and improving profitability, though some view the valuations as full.

Anand Rathi has recommended a “Subscribe – Long Term” rating to the IPO. At the upper price band, the company is valued at 4.4x FY25 P/S, implying a post-issue market capitalisation of ₹86,847 million, according to its IPO note. The brokerage said the company’s strategy focuses on “deepening its presence in existing cities, expanding into high-demand micro-markets, and strengthening relationships with Large Enterprise Members,” who contributed 60.6% of Net Membership Fees in Q1 FY26, supporting its premium positioning with lower price sensitivity. Anand Rathi also highlighted that WeWork India has “become EBITDA positive and is focusing on profitability in coming years.”

In its report, Kotak Securities noted that among WeWork India’s benchmarked peers, it had “1.42 times the operational revenue and 2.45 times the Adjusted EBITDA of the next operator for FY25,” according to CBRE data. As a premium flexible workspace operator, its “average portfolio level revenue-to-rent multiple of 2.7 for FY25 exceeded the industry average which typically ranges between 1.9 to 2.5.”

The brokerage added that WeWork India’s revenue from operations increased 26.7% in FY24 to Rs 1,665.14 crore, and further rose 17.1% year-on-year to Rs 1,949.21 crore in FY25, with adjusted EBITDA margins expanding from 14.55% to 21.61% between FY23 and FY25.

Nirmal Bang believes the issue is fairly valued, stating that the IPO is available at an EV/adj EBITDA of 21.3x FY25 earnings. “We recommend ‘Subscribe’ to the issue considering India’s strong demand for flexible offices and WeWork’s brand leadership,” it said.

SBI Securities said that at the upper price band of ₹648, the IPO is valued at a FY25 P/E multiple of 50.1x based on post-issue capital, and “seems fairly valued.”

Canara Bank Securities highlighted that growth is supported by “rising grade A office supply in India”, while superior margins stem from “flexible offerings—from hourly desk bookings to multi-month floor leases”. It added, “Associations with WeWork Global and Embassy Group open opportunities for synergies in India and abroad.”

According to Bajaj Broking, from a valuation standpoint, the company is valued at an EV/EBITDA multiple of 6.8x and EV/Sales multiple of 4.3x based on FY25 financials.

Echoing the optimistic view, SMIFS recommended subscribing to the issue as a long-term investment, citing the company’s leadership, expansion plans, and diversification strategy. “Financial performance underscores leadership,” SMIFS said, noting that revenues rose from Rs 13,145 million in FY23 to Rs 19,492 million in FY25, while EBITDA improved from Rs 7,956 million to Rs 12,379 million with margins expanding from 60.5% to 63.5%.

WeWork India IPO: More Details

The IPO, which is entirely an Offer-for-Sale (OFS) of up to 4.63 crore equity shares, will see the promoter group entity, Embassy Buildcon LLP, and investor 1 Ariel Way Tenant Ltd (part of WeWork Global) divest their stakes.

The proposed IPO is worth Rs 3,000 crore at the upper end.

Currently, the Embassy Group holds about 76.21 per cent in WeWork India, while WeWork Global owns 23.45 per cent.

Since the issue is an OFS, WeWork India will not receive any proceeds from the issue and the funds will go entirely to the selling shareholders.

In its draft papers, WeWork India stated that the objective of the offer is to achieve the benefits of listing its equity shares on the stock exchanges. The company expects the listing to enhance visibility, provide liquidity to existing shareholders, and establish a public market for its stock in India.

Founded in 2017, WeWork India operates under an exclusive license of the WeWork brand in India, promoted by Bengaluru-based real estate developer Embassy Group.

The company aims to leverage the IPO primarily to achieve listing benefits, enhance visibility, provide liquidity to existing shareholders, and create a public market for its stock.

WeWork Global had invested $100 million in 2021, while in January 2024, the company raised Rs 500 crore through a rights issue to reduce debt and support expansion.

Currently, WeWork India operates across Tier-1 cities, including Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai, managing 77 lakh sq. ft. of space, of which 70 lakh sq. ft. is operational, with a desk capacity of 1.03 lakh. The firm employs over 500 people.

Varun Yadav

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More