WeWork India IPO kicks off: Check analysts' views, latest GMP, anchor details & more

The initial public offering (IPO) of WeWork India Management (WeWork India) opens for subscription on Friday, October 03. The company is offering its shares in the range of Rs 615-648 apiece, for which investors can apply for minimum of 23 equity shares and its multiples thereafter. The issue will close for bidding on Tuesday, October 07.

WeWork India is looking to raise a total of Rs 3,000 crore via its IPO, which is entirely an offer-for-sale (OFS) of up to 4,62,96,296 equity shares by its promoter Embassy Buildcon and investors 1 Ariel Way Tenant. The company will not receive any proceeds from the issue.

Incorporated in 2016, Bengaluru-based WeWork India Management is a flexible workspace operator in India. It provides a comprehensive array of flexible workspace solutions, encompassing custom-designed buildings, floors and offices, enterprise office suites, tailored managed offices, private offices, co-working spaces, and hybrid digital solutions.

WeWork India Management raised Rs 1,348.26 crore from 67 anchor investors as it finalised allocation of 2,08,06,548 shares at Rs 648 apiece. Its anchor book included marquee names like Goldman Sachs, Ashoka Whiteoak, Amundi Funds, Allianz Global, Integrated Core Strategies, BNP Paribas Financial Markets, and Societe Generale among others.

WeWork reported a net profit of Rs 128.19 crore with a total income of Rs 2,024 crore for the financial year ended on March 31, 2025. The company clocked a net loss of Rs 135.77 crore with a total income of Rs 1,737.16 crore for the financial year 2023-24. At the current valuations, WeWork India commands a total market capitalization close to Rs 8,685 crore.

WeWork India has reserved shares worth Rs 3.5 crore for its eligible employees, who will get a discount of Rs 60 apiece. Of the net issue, 75 per cent shares are reserved for qualified institutional bidders (QIBs), 15 per cent for non-institutional investors (NIIs) and only 10 per cent retail investors. Last heard, it was commanding a mild grey market premium (GMP) of Rs 15 apiece.

JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital Company and 360 ONE WAM are the book running lead managers for WeWork India IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Friday October 10. Here's what a host of brokerage firms say about the IPO of WeWork India:
 

Angel One
Rating: Neutral
WeWork India’s post-issue P/E stands at 67.75 times is indicating a premium valuation; while the company is profitable and operates in a growing flexible workspace sector, high fixed costs, revenue concentration, and market risks make returns uncertain leading to a 'Neutral' recommendation, said Angel One.

"Key challenges for WeWork India include a fragmented industry with multiple operators, demand volatility during economic downturns, potential oversupply risks in major metropolitan markets," it said.
 

Anand Rathi Share & Stock Brokers
Rating: Subscribe for long-term
WeWork India is valued at 4.4 times FY25 P/S. Its 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 per cent of net membership fees in Q1 FY26 and support its premium positioning with lower price sensitivity, said Anand Rathi.

"WeWork India continues to innovate across core, digital, and value-added offerings to enhance member experience. It has become EBITDA positive and is focusing on profitability in coming years. Given these factors, the IPO appears fully priced and is recommended with a 'subscribe for long term' rating," it added.
 

BP Equities
Rating: Avoid
The reported positive PAT in the current year is primarily attributable to a deferred tax gain of Rs 285.7 crore. A 100 per cent of the issue comprises OFS, said BP Equities. "In light of these factors, we remain largely cautious of the listing. We recommend an 'avoid' rating for the issue and will reassess our rating in future following sustained business performance in upcoming quarters."
 

SBI Securities
Rating: Subscribe
WeWork India is a leading premium flexible workspace operator in India with 68 operational centres across 8 cities in India, and an operational desk capacity of 1,14,077 desks. It is the exclusive licensee of the WeWork brand in India and benefits from its relationship with WeWork Global, a global flexible workspaces operator with 600 wholly-owned and licensed locations in 35 countries, said SBI Securities.

""Its revenue and Ebitda has grown at a CAGR of 21.8 per cent and 24.7 per cent respectively, and achieved profitability in FY25. The issue is valued at FY25 P/E multiple of 50.1 times based on the post-issue capital, which seems fairly valued. We maintain a 'neutral' view on the company and would like to monitor the performance of the company post listing," it added.
 

Arihant Capital Markets
Rating: Subscribe for listing gains
Backed by the Embassy Group and the exclusive licensee of a global brand, WeWork India operates 68 centres with 7.7 million sq. ft. of leasable area and over 114,000 desks as of June 2025. Its portfolio is heavily concentrated in Grade A properties across Tier 1 cities, with strong enterprise adoption 76 per cent of membership fees in Q1 FY26 came from large corporates, said Arihant Capital.

"It operates on a capital-efficient lease model and has achieved healthy occupancy. WeWork India delivered a margin of 21.6 per cent in FY25. Its portfolio revenue-to-rent multiple of 2.7 times exceeds the industry average of 1.9–2.5 times. The IPO is valued at an EV/Ebitda multiple of 7.3 times, reflecting its leadership, premium positioning, and brand strength," it said with a 'subscribe for listing gains' rating.
 

Chola Securities
Rating: Subscribe
Occupancy headwinds are seen as over 15,000 desks have been added in the last fiscal, which resulted in lower occupancy at 76.5 per cent, while management expects this to reach historic levels of 80 per cent; renewal rates have also seen easing, said Chola Securities.

"Grade-A absorption outpacing supply, and GCC demand, underpin a durable pipeline across Tier-I clusters and select Tier-II markets. Bengaluru and Mumbai contributed 66.3 per cent of Q1FY26 net membership fees and below 300-desk cohorts accounted for 40.6 per cent. The company presently does not have plans to diversify their presence in tier 2 and 3 cities," it said with a 'neutral' tag.
 

SMIFS
Rating: Subscribe
"We recommend subscribing to the issue as a long term investment, as WeWork India’s market leadership, expansion into new cities, deepening presence in marquee office locations, and investment in new products and technology for revenue diversification provide clear visibility for growth and profitability," said SMIFS.
 

Canara Bank Securities
Rating: Subscribe
Demand for flexible offices in India has surged post-pandemic; 80 per cent of WeWork India’s members are corporates, including private banks, Fortune 500 firms, and GCCs, said Canara Bank Securities. "Growth supported by rising grade A office supply in India; superior margins attributed to flexible offerings—from hourly desk bookings to multi-month floor leases," it said with a 'subscribe' tag.