WeWork India IPO: Big anchor backing, premium pricing; should you apply?

WeWork India IPO: The company raised ₹1,348 crore from 67 global and domestic institutional investors through the anchor book

WeWork India IPO: The initial public offering (IPO) of WeWork India, a flexible workspace operator, is set to open for public subscription on Friday, October 3, 2025. The company aims to raise ₹3,000 crore from its maiden public issue. The mainline offering comprises an offer for sale of 46.3 million equity shares. There is no fresh issue component. 

 

Launched in 2017, WeWork India Management is a flexible workspace operator in India. The company offers a wide range 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.

 

 

The company has reserved 75 per cent of the issue for qualified institutional buyers (QIBs), 10 per cent for retail investors and 15 per cent for non-institutional investors (NIIs).

 

On October 1, 2025, the company raised ₹1,348 crore from 67 global and domestic institutional investors (DIIs) through the anchor book. It allocated 20.8 million equity shares at ₹648 per share, according to the filing on exchanges.

 

The anchor book received strong interest from domestic institutional investors, including major mutual funds like ICICI Prudential, HDFC MF, Motilal Oswal MF, Aditya Birla MF, Axis MF, and Canara Robeco MF. Insurance companies such as Aditya Birla Sun Life, Canara HSBC Life, SBI General, Kotak Mahindra Life, and Bajaj Allianz Life also participated.

 

Global investors showed strong demand as well, with participation from sovereign and long-only FIIs like Edelweiss MF, Goldman Sachs Fund, Whiteoak Capital MF, Al Mehwar Commercial Investments (Wanda), and Allianz Global Investors.  ALSO READ | LG India seeks ₹77,400 cr valuation with ₹11,607 cr IPO opening Oct 7

WeWork India IPO: Should you apply or not?

Angel One: Neutral 

Angel One has assigned a 'Neutral' rating to the IPO, stating that at the upper end of the price band, ₹648, the company's post-issue price-to-earnings multiple stands at 67.7 times, which indicates 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," the brokerage said.

SBI Securities: Neutral

SBI Securities, in its note, said the company 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.

 

Historically, the company's revenue/Ebitda has grown at a compound annual growth rate (CAGR) of 21.8 per cent/24.7 per cent, respectively. It achieved profitability in FY25 with adjusted PAT of ₹173 crore compared to a net loss of ₹146 crore in FY23. 

 

"At the upper price band of ₹648, the issue is valued at a FY25 P/E multiple of 50.1x 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," the brokerage said.

Anand Rathi: Subscribe- Long-term 

Analysts at Anand Rathi recommend investors to subscribe to the WeWork India IPO from a long-term perspective, stating that at the upper price band, the company is valued at 4.4x FY25 P/S, implying a post-issue market capitalisation of ₹8,684.7 crore. 

 

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 per cent of Net Membership Fees in Q1FY26 and support its premium positioning with lower price sensitivity.

 

Additionally, the company also continues to innovate across core, digital, and value-added offerings to enhance member experience. The company has become Ebitda positive and is focusing on profitability in the coming years. 

 

"Given these factors, the IPO appears fully priced and is recommended with a 'Subscribe – Long Term' rating," the brokerage said.  ALSO READ | Tata Capital IPO to fetch ₹6,716-cr windfall for Tata Sons via share sale

WeWork India IPO GMP

According to sources tracking unofficial markets, the unlisted shares of WeWork India were trading at ₹663, up ₹15 or 2.3 per cent compared to the issue price of ₹648 per share.

Here are the key details of WeWork India IPO:

The three-day subscription window to bid for the WeWork India IPO will close on Tuesday, October 7, 2025. The allotment of shares is expected to be finalised on Wednesday, October 8, 2025. The successful allottees will receive the company's shares in their respective demat accounts on Thursday, October 9. 

 

Shares of WeWork India will make their debut on the exchanges, NSE and BSE, tentatively on Friday, October 10, 2025. 

 

The company has set the price band in the range of ₹615 to ₹648, with a lot size of 23 shares. A retail investor would require a minimum investment of ₹14,904 to bid for at least one lot and in multiples thereafter.

 

MUFG Intime India is the registrar for the issue. JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital, and 360 ONE WAM are the book-running lead managers.  

 

According to the red herring prospectus (RHP), the company will not receive any fresh funds from the issue, and existing shareholders will sell their stake through the offer.