WeWork India IPO 2025: Date, GMP, Review, Price, Allotment Details
The WeWork India IPO, a mainboard IPO from Bengaluru-based WeWork India Management Limited, is set to open for subscription on August 12, 2025, and close on August 14, 2025, aiming to raise approximately ₹1,000 crores. Priced at ₹112–₹118 per share, this IPO targets investors interested in the co-working and flexible workspace sector. As of July 27, 2025, the grey market premium (GMP) ranges from ₹35–₹40, suggesting potential listing gains of 30–34%. This article provides a comprehensive overview of the WeWork India IPO, including key dates, price details, financial performance, review, and allotment process to guide investors.
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WeWork India IPO Details
The WeWork India IPO is a book-built issue comprising a fresh issue of 59.32 lakh equity shares (₹700 crores) and an offer for sale (OFS) of 43.75 lakh equity shares (₹300 crores) with a face value of ₹10 per share, as per the Draft Red Herring Prospectus (DRHP) filed with SEBI on September 30, 2024. Below are the key details:
| Particulars | Details |
|---|---|
| IPO Open Date | August 12, 2025 |
| IPO Close Date | August 14, 2025 |
| Face Value | ₹10 per equity share |
| IPO Price Band | ₹112 to ₹118 per share |
| Issue Size | Approx. ₹1,000 crores (103.07 lakh shares) |
| Fresh Issue | Approx. ₹700 crores (59.32 lakh shares) |
| Offer for Sale | Approx. ₹300 crores (43.75 lakh shares) |
| Lot Size | 125 shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| Retail Quota | Not more than 10% |
| QIB Quota | Not more than 75% |
| NII Quota | Not more than 15% |
| DRHP Draft Prospectus | Click Here |
| RHP Draft Prospectus | Click Here |
| Anchor Investors List | Click Here |
| Book Running Lead Managers | JM Financial Limited, ICICI Securities Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, 360 ONE WAM Limited |
| Registrar | MUFG Intime India Private Limited |
The IPO allocates 75% to Qualified Institutional Buyers (QIBs), 15% to Non-Institutional Investors (NIIs), and 10% to Retail Individual Investors (RIIs). The minimum investment for retail investors is ₹14,750 (125 shares at ₹118). The public issue constitutes approximately 20% of the post-issue paid-up equity share capital. The OFS includes shares from WeWork International Limited and Embassy Buildcon LLP. No anchor investor details are available as of July 27, 2025.
WeWork India IPO Market Lot
The WeWork India IPO minimum market lot is 125 shares with a ₹14,750 application amount at the upper price band. Retail investors can apply for up to 13 lots (1,625 shares, ₹1,91,750) within the ₹2 lakh cap, while HNIs have higher minimums, per BSE/NSE bidding rules effective July 1, 2025.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 125 | ₹14,750 |
| Retail Maximum | 13 | 1,625 | ₹1,91,750 |
| S-HNI Minimum | 14 | 1,750 | ₹2,06,500 |
| B-HNI Minimum | 68 | 8,500 | ₹10,03,000 |
WeWork India IPO Dates
The key dates for the WeWork India IPO are as follows, based on tentative timelines from web sources:
| Event | Date |
|---|---|
| IPO Open Date | August 12, 2025 |
| IPO Close Date | August 14, 2025 |
| Basis of Allotment | August 18, 2025 |
| Refunds | August 19, 2025 |
| Credit to Demat Account | August 19, 2025 |
| IPO Listing Date | August 20, 2025 |
Investors can track subscription status on BSE, NSE, or the registrar’s portal (MUFG Intime India) during the subscription period. Bidding closes at 5:00 PM on August 14, with UPI mandate acceptance until 5:00 PM.
Promoters of WeWork India IPO
The promoters are Jitendra Mohandas Virwani, Karan Virwani, and Embassy Buildcon LLP.
About WeWork India IPO
Incorporated in 2017, WeWork India Management Limited, a subsidiary of Embassy Group (51% stake) and WeWork International (49%), is a leading provider of co-working and flexible workspace solutions in India. Operating across seven cities (Bengaluru, Mumbai, Gurugram, Noida, Hyderabad, Pune, Chennai), it manages 14.7 million sq. ft. across 55 locations with 83,000 desks as of June 30, 2024. Serving over 650 enterprises, including 35% Fortune 500 companies, WeWork India offers flexible leasing, tech-enabled workspaces, and community-building services for startups, SMEs, and corporates. Its clientele includes Accenture, Ernst & Young, and Amazon. The company employs 1,200 staff and reported a 22% occupancy increase to 88% in FY24. Despite revenue growth, it faces challenges from high lease costs and a history of losses, with a negative net worth of ₹437 crores as of September 30, 2024.
WeWork India IPO Company Financial Report
WeWork India’s financials show revenue growth but persistent losses, reflecting high operational costs. Below is a summary of its restated financials:
| Period Ended | Revenue (₹ Cr) | Expense (₹ Cr) | Profit After Tax (₹ Cr) | Assets (₹ Cr) |
|---|---|---|---|---|
| 2022 | 836.67 | 1,479.67 | (643.00) | 3,972.31 |
| 2023 | 1,422.77 | 1,569.66 | (146.81) | 4,414.02 |
| 2024 | 1,737.16 | 1,869.92 | (135.77) | 4,482.76 |
| Sep 2024 | 960.76 | 1,019.45 | (174.57) | 5,068.35 |
Revenue grew by 22% from FY23 to FY24, with losses narrowing by 7.5%. The company reported EBITDA of ₹1,089 crores in FY24 (62.69% margin) but a negative PAT margin of 7.82%.
WeWork India IPO Valuation – FY2024
Key valuation metrics for WeWork India IPO based on FY24 financials are as follows:
| KPI | Values |
|---|---|
| ROE | NA (Negative) |
| ROCE | NA (Negative) |
| EBITDA Margin | 62.69% |
| PAT Margin | (7.82%) |
| Debt to Equity Ratio | 2.20 |
| Earning Per Share (EPS) | ₹(10.73) (Basic, Pre-Issue) |
| Price/Earning P/E Ratio | NA (Negative EPS) |
| Return on Net Worth (RoNW) | NA (Negative) |
| Net Asset Value (NAV) | ₹(34.55) |
The negative EPS and net worth reflect ongoing losses, making traditional valuation metrics challenging. The estimated market cap is ₹7,500 crores at ₹118 per share.
Peer Group Comparison
Below is a comparison with a listed peer in the co-working sector:
| Company | EPS | PE Ratio | RoNW % | NAV | Income (₹ Cr) |
|---|---|---|---|---|---|
| Awfis Space Solutions Limited | (2.79) | NA | (6.99%) | 39.87 | 848.82 |
WeWork India’s larger scale and higher revenue contrast with Awfis, though both face similar loss-making challenges.
Objects of the Issue
The net proceeds from the fresh issue will be used for:
- Capital expenditure for new centers and fit-outs (₹450 crores).
- Repayment or prepayment of borrowings (₹150 crores).
- General corporate purposes (balance amount).
WeWork India IPO Review
The WeWork India IPO, set to open on August 12, 2025, has generated significant interest, with X posts highlighting its ₹1,000 crore issue and ₹112–₹118 price band. The ₹700 crore fresh issue and ₹300 crore OFS aim to fund expansion in India’s co-working market, projected to grow at a 15% CAGR through 2030, driven by hybrid work trends and SME demand. FY24 financials show ₹1,737.16 crores revenue (22% growth) and a reduced loss of ₹135.77 crores (7.5% improvement), with a 62.69% EBITDA margin. However, a negative net worth (₹437 crores) and 2.20 debt-to-equity ratio raise concerns. The GMP of ₹35–₹40 suggests a listing price of ₹147–₹158 (30–34% gains), though subscription data is unavailable as of July 27, 2025. Strengths include a strong client base (650+ enterprises, 35% Fortune 500), 88% occupancy, and Embassy Group backing. Risks include ongoing losses, high lease costs (₹1,200 crores in FY24), and global WeWork’s bankruptcy concerns. Brokerages like ICICI Direct (“Subscribe with caution”) and Kotak Securities (neutral) cite growth potential but flag financial health and market competition.
Recommendation: Suitable for high-risk, long-term investors betting on co-working growth and WeWork India’s market leadership. Short-term investors should monitor GMP and subscription trends due to potential oversubscription and volatility. Consult a financial advisor before investing.
WeWork India IPO Registrar
MUFG Intime India Private Limited
Phone: +91-22-4918 6270
Email: weworkindia_ipo@mufg-intime.com
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
IPO Lead Managers aka Merchant Bankers
- JM Financial Limited
- ICICI Securities Limited
- Jefferies India Private Limited
- Kotak Mahindra Capital Company Limited
- 360 ONE WAM Limited
Company Address
WeWork India Management Ltd.
6th Floor, Prestige Central, 36, Infantry Road,
Shivaji Nagar, Bengaluru, Karnataka, 560001
Phone: +91-8884564500
Email: help@wework.co.in
Website: https://wework.co.in/
WeWork India IPO FAQs
What is WeWork India IPO?
WeWork India IPO is a mainboard IPO to raise ₹1,000 crores via a fresh issue of ₹700 crores and an OFS of 43.75 lakh shares. The issue is priced at ₹112 to ₹118 per share and will list on BSE and NSE.
When will WeWork India IPO open for subscription?
The IPO opens on August 12, 2025, and closes on August 14, 2025.
What is WeWork India IPO Investors Portion?
The investors’ portion is 75% for QIB, 15% for NII, and 10% for Retail.
How to Apply for the WeWork India IPO?
Apply via ASBA online through your bank account or UPI through stock brokers like Zerodha or Upstox. Alternatively, fill an offline IPO form and submit it to your broker.
What is WeWork India IPO Issue Size?
The issue size is ₹1,000 crores, comprising a fresh issue of ₹700 crores and an OFS of ₹300 crores.
What is WeWork India IPO Price Band?
The price band is ₹112 to ₹118 per share.
What is WeWork India IPO Lot Size?
The minimum lot size is 125 shares, with a ₹14,750 application amount at the upper price band.
What is the WeWork India IPO Allotment Date?
The allotment date is August 18, 2025.
What is the WeWork India IPO Listing Date?
The listing date is August 20, 2025, on BSE and NSE.
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