Co-working giant WeWork India is all set to launch its Initial Public Offering (IPO) on October 3, offering investors a chance to buy into one of India’s largest flexible office space operators. The company has fixed the price band at Rs 615-648 per share, making it one of the most-awaited listings of the season.
WeWork India IPO
Unlike many IPOs that raise fresh capital, this issue is entirely an Offer for Sale (OFS) of up to 4.63 crore shares, aiming to collect between Rs 2,847 crore and Rs 3,000 crore. The subscription window will remain open till October 7, while anchor investors will be allotted shares on October 1. The listing on NSE and BSE is scheduled for October 10.
The share sale will be led by promoter Embassy Buildcon LLP, which will offload 3.54 crore shares, while 1 Ariel Way Tenant Ltd, a subsidiary of WeWork Global, will sell 1.09 crore shares. Before the IPO, Embassy Buildcon held around 74-76%, while the global parent owned about 23% in the Indian unit.
Since it’s a pure OFS, all proceeds will go directly to existing shareholders, with no new money entering the company.
Investor Allocation Structure
The IPO will follow the standard division for investor categories. 75% of the issue is reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for Retail Investors. The minimum investment lot is 23 shares, which works out to Rs 14,904 at the upper price band.
For small investors looking to tap into the booming co-working sector, this listing could be an interesting opportunity.
Business Footprint Expands
Founded in 2017, WeWork India currently operates 68 centres with over 1.14 lakh desks across eight major cities, including Bengaluru, Mumbai, Delhi, and Chennai. Bengaluru alone contributes 46.1% of its total seating capacity, while Mumbai accounts for 22.6%.
The company manages 7.7 million sq. ft. of workspace, out of which 7 million sq. ft. is already operational. Over the years, it has also expanded through acquisitions such as Zoapi Innovations (2022) and a 37.5% stake in Upflex Anarock India (2023).
Strong Revenue, Narrowing Losses
In the June 2025 quarter, WeWork India reported Rs 535.3 crore revenue, marking a 19.3% year-on-year growth. However, its adjusted EBITDA margin dipped to 18.05%, compared to 21.67% last year. Despite that, net loss reduced to Rs 14.1 crore, almost half of the Rs 29.1 crore loss reported in the same quarter last year.
Average revenue per billed desk stood at Rs 19,085, slightly lower due to pricing adjustments. The company also pays management fees to its global parent, amounting to 3.65% of revenue in FY24.
Competition in Co-working
The WeWork India IPO is part of a growing wave of co-working space listings in India. Awfis Space Solutions went public in May 2024, raising Rs 599 crore and witnessing strong initial demand. Smartworks followed in July 2025, listing 7% above issue price, while IndiQube Spaces had a weak debut but recovered later due to solid earnings.
Given this momentum, investor appetite for flexible workspace companies appears strong, especially as startups, SMEs, and large enterprises increasingly prefer leasing over owning offices.
The IPO is being managed by leading investment banks including JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital, and 360 ONE WAM. With strong revenue growth, brand recognition, and sectoral momentum, all eyes are now on how WeWork India performs on the listing day.
