WeWork IPO: Everything You Need to Know

WeWork India Management Limited, a leading provider of premium flexible workspaces, is set for its maiden public offering in October 2025. The IPO will raise up to ₹ 3,000 crore through an Offer for Sale (OFS) of 4.63 crore shares. No new shares will be issued.

Here’s a thorough guide for Indian investors seeking to understand this IPO, including its structure, business summary, financials, sector outlook, and what matters before making any decisions.

WeWork IPO Dates & Launch Details

• IPO opening date: 3rd October 2025
• IPO closing date: 7th October 2025
• Basis of allotment: 8th October 2025
• Refund initiation: 9th October 2025
• Expected listing date: 10th October 2025 (BSE & NSE)

Price Band & Investment Details

• Price band: ₹615 to ₹648 per equity share (Face value: ₹10 per share)
• Minimum lot size: 23 shares
• Minimum investment: ₹14,904 at the upper price band for retail investors
• Maximum retail investment: 299 shares (13 lots), ₹1,93,752

JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital, and 360 ONE WAM are the lead managers for this issue.

IPO Structure

About WeWork

WeWork India was incorporated in 2016 and is managed by Embassy Group under exclusive license from WeWork Global. The company operates 68 centres with a total capacity of 1.14 lakh desks across eight major cities: Bengaluru, Mumbai, Hyderabad, Gurgaon, Noida, Pune, Delhi, and Chennai. Bengaluru alone accounts for 46% of capacity, and Mumbai for about 23%.

Service and ancillary revenues (customisation, parking, meeting rooms, events, advertising, and food) account for nearly 10% of total turnover. The company’s tech-enabled, Grade A spaces offer amenities like high-speed internet, security, wellness zones, and communal areas conducive to startup, SME, and corporate requirements.

Recent expansions include a cloud-based video conferencing provider (Zoapi Innovations) and a strategic stake in Upflex Anarock India, boosting its digital and aggregator reach.

Financials 

WeWork India has shown marked financial improvement, delivering its first-ever annual profit for FY25 and narrowing sequential losses.

• Q1FY26 showed a 51% reduction in net loss and 19% year-on-year revenue growth, driven by more operational centres and expanding desk capacity.
• FY25 marked a major turnaround, with net profit of ₹128.2 crore versus a loss in FY24; revenues rose 17% on higher memberships and workspace occupancy.
• EBITDA margin remained above 60% over recent years, reflecting operating strength despite earlier year losses.

Sector & Market Context

Flexible office spaces have become a key pillar of India’s urban business ecosystem, catering to startups, technology firms, SMEs, and corporates seeking cost and operational flexibility. The COVID-19 pandemic negatively impacted occupancy but also drove long-term adoption of hybrid and managed offices.

WeWork India is now the largest co-working operator in the country by revenue, with nearly double the revenues of its nearest competitor. More than 90% of its portfolio comprises Grade A, centrally located spaces.

Global parent WeWork Inc. faced significant challenges including a high-profile failed IPO in 2019 and bankruptcy in 2023. In contrast, the Indian business, backed by the Embassy Group, has found operational stability, profitability, and local market adaptability.

Key Considerations for Investors

Strengths

• Largest premium co-working provider in India with strong operational and digital infrastructure.
• Wide subscriber base, including large multinationals and local startups.
• First profit posted in FY25; steady membership growth and improved centre occupancy rates.
• Ancillary revenues add stability and diversification to the business model.

IPO Structure

• Since it’s an OFS, IPO proceeds will go to selling shareholders (Embassy Group, WeWork International), not to the company for expansion.
• Retail quota is limited (10%), which may restrict allotment scope for small investors.
• Employees will get a ₹60 discount on each share.

Risks

• Past financial losses; new profitability must be sustained against operating costs and sector competition.
• Market sensitive to real estate cycles, economic conditions, and trends in hybrid work.
• Global parent bankruptcy raised concerns; the Indian management claims strong independence and finances.

Opportunities

• Expanding demand for flexible workspaces and shift in corporate leasing preferences.
• Recovery from pandemic lows and rapid sector growth in metro areas.
• Strong backing by Embassy Group and deep industry relationships.

About the Company

Established in 2016, WeWork India Management Ltd operates high-quality, flexible office spaces arranged to global standards. The business relies on offering lease, pay-per-use, co-working lounges, and private offices to a wide client base. Headquarters in Bengaluru, with a robust national presence.

Conclusion

WeWork India’s IPO presents an opportunity to invest in a company transforming India’s office landscape with flexible workspace solutions. The business has made a profitable turnaround, enjoys strong backing, and leads the sector. However, since the issue is an OFS, proceeds will not fund future growth, and the retail quota is small. Investors should carefully assess the sustainability of financial recovery, sector dynamics, and allocation risk before participating. 

Always consider personal investment objectives and consult trusted sources before making any decisions.