LIVE: WeWork India IPO Allotment to be finalised today but GMP slides further – Here’s how investors can check status online

WeWork India is expected to finalise its IPO share allotment shortly. After determining the basis of allotment, equity shares will be credited to eligible investors’ demat accounts, while refunds for unsuccessful applicants are set to begin on October 9.

Canara Bank Securities highlighted that WeWork India’s “growth is supported by rising grade A office supply in India.” Additionally, they pointed out that “superior margins are attributed to flexible offerings—from hourly desk bookings to multi-month floor leases.” Associations with WeWork Global and Embassy Group are also seen as positive, as they see them facilitating “opportunities for synergies in India and abroad.”

Enforcement Directorate proceedings are ongoing against promoter and chairman Jitendra Mohandas Virwani under the Prevention of Money Laundering Act, which could affect the company’s business, reputation, and financial health.

Group entity Embassy Office Parks Management Services Pvt Ltd (EOPMSPL) has received show-cause notices from SEBI, posing potential impact on operations.

One of the promoters has pledged equity shares, which could affect promoter shareholding and market price.

The company clarified that it will not receive any proceeds from the offer for sale portion of the IPO.

Continued net losses and negative cash flows may hurt profitability if revenues do not grow as planned.

Any credit rating downgrade could make it harder to raise capital.

A significant portion of revenue—over 70%—comes from Bengaluru and Mumbai centres, exposing the company to location-specific risks.

Growth could be impacted by macroeconomic pressures, inflation, or the emergence of alternative workspace model

The WeWork India Management IPO was fully subscribed on its third day of bidding. The Qualified Institutional Buyers (QIB) segment recorded 1.79 times subscription, while Non-Institutional Investors (NII) saw a lower response at 0.23 times, with the 10 lakh+ category at 0.23 and the 2–10 lakh category at 0.21. Retail investors subscribed 0.61 times, and the employee portion saw strong interest at 1.87 times, bringing the overall subscription to 1.15 times.

“The company operates on a capital-efficient lease model and has achieved healthy occupancy (>80% in mature centres). Financially, WeWork India delivered FY25 revenues of INR 19,492 Mn with Adjusted EBITDA of INR 4,213 Mn, implying a margin of 21.6%. Its portfolio revenue-to-rent multiple of 2.7x exceeds the industry average of 1.9–2.5x. At the upper price band INR 648, the IPO is valued at an EV/EBITDA multiple of 7.3x, reflecting its leadership, premium positioning, and brand strength,” said Arihant Capital in its IPO note.

WeWork India, established in 2017, operates as the exclusive Indian licensee of the global WeWork brand. The firm, backed by the Embassy Group, manages about 77 lakh sq. ft. of workspace, with nearly 70 lakh sq. ft. already operational. It has a desk capacity of over 1 lakh and a presence across key cities such as Bengaluru, Mumbai, Gurugram, Hyderabad, Noida, and Chennai.

The company’s shares are likely to debut on October 10, on both the BSE and NSE. The listing will mark the entry of the co-working space operator into the public market.

Investors are now awaiting the IPO allotment, which is expected to be finalised today October 8. Once allotments are processed, investors can check their application status online through the BSE website, NSE portal, or via the registrar MUFG Intime India Pvt Ltd using their PAN, DP/Client ID, or application number.

Since this IPO did not include a fresh issue of shares, WeWork India will not gain any new capital from the offer. The entire proceeds will go to the promoters – Embassy Buildcon LLP and 1 Ariel Way Tenant Ltd, an entity associated with WeWork Global.

Before opening for public bidding, WeWork India raised around Rs 1,348 crore from anchor investors. However, as the IPO was an OFS, the proceeds will not flow to the company but instead to its selling shareholders.

By the end of the final day, the IPO received bids for 2.92 crore shares against 2.54 crore shares on offer, translating to a 1.15 times subscription. The Qualified Institutional Buyers (QIBs) category led the demand with 1.79 times subscription. Meanwhile, the Retail Individual Investors (RIIs) segment was subscribed 61%, and Non-Institutional Investors (NIIs) saw a turnout at 23%.

The three-day bidding process for WeWork India Management Ltd’s Rs 3,000 crore IPO came to a close on October 7, after opening for public subscription on October 3. The issue was entirely an Offer for Sale (OFS).