The Indian IPO market is abuzz with a lot of activity in 2025, with investors eyeing promising new companies that are shaping the work and technology space in India. The latest company to add to this buzz is WeWork India Management Limited. The company is coming with its IPO and will be open for subscription from October 3, 2025, to October 7, 2025.
WeWork India, founded in 2017, is a leading premium flexible workspace operator in India, and has been the largest operator by total revenue in the past three Fiscals. The company operates in key business hubs like Bengaluru, Mumbai, Gurugram, and Hyderabad, providing Grade-A office spaces to enterprises, start-ups, and individuals.
WeWork India IPO Details
| IPO Name | WeWork India |
| IPO Open & Close Date | Oct 03 – Oct 07, 2025 |
| Issue Price Band | ₹615 to ₹648 per share |
| Lot Size | 23 Shares per lot |
| IPO Type | OFS |
| Allotment Date | Oct 8, 2025 |
| Listing Date | Oct 10, 2025 |
| Retail (Min) Lot Size & Amount | 1 lot & ₹14,904 |
| Retail (Max) Lot Size & Amount | 13 lots & ₹1,93,752 |
| Small HNIs (Min) Lot Size & Amount | 14 lots & ₹2,08,656 |
| Small HNIs (Max) Lot Size & Amount | 67 lots & ₹9,98,568 |
| Big HNIs (Min) Lot Size & Amount | 68 lots & ₹10,13,472 |
| Listing | NSE & BSE |
Objects of the Offer
According to the Red Herring Prospectus (RHP), the WeWork India IPO is entirely an Offer for Sale (OFS) of 46.3 million equity shares. This includes:
- 35.4 million shares by promoter Embassy Buildcon LLP
- 10.9 million shares by investor shareholders
Since it is an OFS, the company will not receive the IPO proceeds. The primary objectives of the IPO are:
- To provide an exit for the existing shareholders
- To improve brand visibility
- To meet listing requirements and improve corporate governance standards
Industry Overview
As on March 31, 2025, India’s commercial office stock (the total amount of available office space) stood at an estimated 883 Mn sq. ft. Most of it is concentrated in the top 9 cities, comprising of Bengaluru, Mumbai Metropolitan Region (“MMR”), Hyderabad, Gurugram, Chennai, Pune, Noida, Kolkata, and Delhi.
India’s office stock has grown nearly 20 times from approximately 44 Mn sq. ft. pre-CY2003 to approximately 883
Mn sq. ft. as of March 31, 2025. This is further forecasted to grow at a CAGR of 6.7% to 1,072 Mn. Sq. ft. by
CY2027.
Out of the total commercial office stock held in the top 9 cities as on 31st March 2025, 29.8% is institutionally held. (Institutionally held stock / Institutional Stock refers to office assets that are majorly owned and have witnessed investment activity by institutional players such as private equity (“PE”) funds, pension funds, sovereign wealth funds, insurance companies, and real estate investment trusts (“REITs”)).
Key Drivers of Office Demand
- Global companies expanding in India: Many multinational firms are setting up or growing their global capability centers (GCCs) in major cities in India; these centers require large, high-quality office spaces.
- Growth of IT and financial services: Steady growth in outsourcing and financial services has spurred demand from IT/ITeS and BFSI companies for office space.
- Flexible and hybrid work models: After the pandemic, many companies prefer flexible office to cut upfront cost and adjust office space as per team requirements. This has boosted demand for coworking and managed office space.
- Startups and new-age companies: India’s booming startup ecosystem, especially in fintech, SaaS, and e-commerce, is creating demand for modern, scalable offices.
- Urban infrastructure growth: Improved connectivity due to metro and expressways has led to the opening of new offices in big cities.
- Preference for premium spaces: New-age companies are looking for Grade-A offices that are sustainable, safe, and attractive to employees.
About WeWork India
WeWork India Management Limited was incorporated in 2016. The company is majority-owned and promoted by the Embassy Group, a leading Indian real estate developer with over 85 million sq. ft. of office portfolio.
Business Model
WeWork India leases Grade-A properties from developers, customizes the properties, and operates them as flexible workspaces, and monetizes through:
- Membership fees: Dedicated desks, private offices, managed floors.
- Value-added services: Events, hospitality, parking, virtual offices, IT, and admin services.
- Digital products: WeWork On Demand, WeWork All Access, and WeWork Workplace SaaS.
Scale and Operations (as of June 30, 2025):
| Particulars | Units | As at / For the three months ended June 30, 2025 |
|---|---|---|
| Cities (1) | Number | 8 |
| Total Centres (2) | Number | 70 |
| Total Leasable Area (3) | Msf | 8.09 |
| Total Desks Capacity in all Centres (4) | Number | 121,677 |
| Operational Centres (5) | Number | 68 |
| Leasable Area for Operational Centres (6) | Msf | 7.67 |
| Desks Capacity in Operational Centres (7) | Number | 114,077 |
| Occupied Desks in Operational Centres (8) | Number | 87,247 |
| Occupancy Rate in Operational Centres (9) | % | 76.48% |
| Occupancy Rate in Mature Centres (10) | % | 81.23% |
| Number of Clients (11) | Number | 2,215 |
| Renewal Rate (12) | % | 70.13% |
| Adjusted Renewal Rate (13) | % | 74.07% |
| Net ARPM (14) | Number | 19,085 |
| Revenue to Rent Multiple (15) | Number | 2.61 |
Key Performance Indicators – WeWork India
| KPI | Q1 FY25 (Jun 30, 2025) | Q1 FY24 (Jun 30, 2024) | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|---|
| Total income | 545.71 | 461.29 | 2,024.00 | 1,737.16 | 1,422.77 |
| Total income growth % | 18.30% | NA | 16.51% | 22.10% | NA |
| Revenue from operations | 535.31 | 448.65 | 1,949.21 | 1,665.14 | 1,314.52 |
| Revenue growth % | 19.32% | NA | 17.06% | 26.67% | NA |
| EBITDA | 335.42 | 283.12 | 1,235.95 | 1,043.79 | 795.61 |
| EBITDA margin % | 62.66% | 63.11% | 63.41% | 62.69% | 60.52% |
| Adjusted EBITDA | 96.61 | 97.23 | 421.26 | 339.75 | 191.29 |
| Adjusted EBITDA margin % | 18.05% | 21.67% | 21.61% | 20.40% | 14.55% |
| Profit / (loss) after tax | -14.15 | -29.17 | 128.19 | -135.77 | -146.81 |
| PAT margin % (of total income) | -2.59% | -6.32% | 6.33% | -7.82% | -10.32% |
| Total equity | 189.68 | -464.60 | 200.46 | -437.65 | -292.37 |
| Total assets | 5,357.05 | 4,470.44 | 5,391.67 | 4,482.76 | 4,414.02 |
| Net debt | 297.27 | 469.41 | 215.33 | 392.82 | 339.10 |
Note – The numbers are in crores
Inferences based on Key Performance Indicators
Revenue Growth
-
Revenue from operations has grown steadily: ₹1,314 crore (FY23) → ₹1,665 crore (FY24) → ₹1,949 crore (FY25).
-
This shows a CAGR of ~21% over two years, reflecting strong demand for flexible workspaces.
Net Profitability (PAT)
- Although the company posted losses of ₹147 crore (FY23) and ₹136 crore (FY24), it registered a net profit of ₹128 crore in FY25.
- PAT margin (percentage of revenue that is profit) has improved from -10.3% (FY23) to +6.3% (FY25). The company has crossed an important milestone by turning net profitable in FY25.
WeWork India IPO – Positives & Risks
Positives
- Market Leadership: Leading premium workspace operator in India by revenue.
- Strong Promoter Support: Backed by Embassy Group, with deep real estate expertise.
- Enterprise-heavy client base: Long-term contract with Fortune 500 and GCCs ensures stable revenue.
- Improving financials: Strong revenue growth and narrowing net losses.
- Diversified offerings: Offering SaaS products to add multiple revenue streams.
- High occupancy rates: ~81% for mature centers.
Risks
- Loss-making entity: Despite revenue growth, the company is still posting net losses.
- Lease Obligations: Long-term lease costs could impact cash flows if occupancy drops/
- Sector competition: Competes with Awfis, Smartworks, and Indiqube, all aggressively expanding.
- Macroeconomic risks: Slowdown in office demand due to recession or hybrid model saturation.
- Brand dependence: Reliance on WeWork Global for branding and operations standards.
- Geographic concentration: Heavy reliance on Bengaluru and Mumbai markets.
WeWork India IPO – Verdict?
WeWork India IPO is a landmark event in India’s flexible workspace sector. The company enjoys clear market leadership, strong promoter backing, and improving financial performance. However, continuing net losses, high lease obligations, and intense competition are risks that warrant consideration. Since the IPO is purely an OFS, the company won’t get fresh funds, and the IPO proceeds will go to selling shareholders.
Happy IPO Investing!
Verdict: Apply with a long-term perspective.
*Disclaimer: This blog is for informational purposes only and does not constitute investment advice. Investors should consult their financial advisor before investing. Read the RHP for more details.
About the Author
Sandip Desai is a stock market professional with over 18 years of experience in the Indian broking and investment space. He holds NISM certifications in Equity Derivatives, Currency Derivatives, Commodity Derivatives, Wealth Management, and Mutual Fund Distribution. Sandip is passionate about simplifying financial concepts and helping investors navigate IPOs and capital markets with confidence.