WeWork IPO GMP, Subscription Status Day 2 Highlights: The IPO of WeWork India enters day 3, it opened on October 3 and will close on October 7. The Rs 3,000 crore issue is entirely an offer for sale (OFS) of 4.63 crore shares. This essentially means there is no fresh issue of shares.
| WeWork India IPO | Key Details |
| Price Band | Rs 615–648 per share |
| IPO Date | October 3-7 |
| GMP | 0.7% |
| IPO Allotment date | October 8 |
| Listing date | October 10 |
The allotment is expected to be finalised on October 8, while the shares will list on both the BSE and NSE on October 10.
Lot size and retail investment details
The lot size for retail investors is 23 shares, requiring a minimum investment of Rs 14,904 at the upper price band. For small non-institutional investors (sNII), the minimum bid size is 14 lots or 322 shares, amounting to Rs 2,08,656, while for big non-institutional investors (bNII), it is 68 lots or 1,564 shares, translating to Rs 10,13,472.
About the company
WeWork is a global provider of flexible workspace solutions. The company helps businesses operate efficiently through modern office spaces, innovative technology services, and hospitality-driven experiences designed to boost productivity and collaboration. WeWork India, a separate entity from its global parent, operates the co-working business in India.
WeWork IPO Subscription Status, GMP Live: Business overview
WeWork India operates in the co-working and flexible workspace segment, catering to corporates, startups, and freelancers. It leases large office spaces, customises and manages them, and then subleases to clients under short-term contracts.
As of June 2025, the company operated 68 centres across eight major cities, offering over 1.14 lakh desks across 7.35 million sq. ft. of workspace.
WeWork IPO Subscription Status, GMP Live: Important dates
WeWork India’s IPO opened for subscription on October 3, 2025, and will close on October 7, 2025. The share allotment is expected to be finalized on October 8, 2025. The IPO is set to list on the BSE and NSE, with a tentative listing date of October 10, 2025.
WeWork IPO Subscription Status, GMP Live: EBITDA details
Lease rentals consume 43% of revenue, while operating cash flows remain negative. FY25 EBITDA margin stands at 14%, indicating pressure on unit economics, as per inGovern research.
WeWork IPO Subscription Status, GMP Live: Financial performance
In FY25, WeWork India reported a strong turnaround. Revenues rose 17% year-on-year to Rs 2,024 crore, while the company posted a net profit of Rs 128.19 crore, compared to a loss of Rs 135.77 crore in FY24.
WeWork IPO Subscription Status, GMP Live: WeWork India IPO fully subscribed
WeWork India’s $338 million IPO closed fully subscribed on the final day of bidding, led by strong institutional demand. Retail investors remained cautious amid high valuation concerns following recent co-working listings.
WeWork IPO Subscription Status, GMP Live: Details on ED case against the promoter
Enforcement Directorate has proceedings against Promoter & Chairman Jitendra Virwani since 2014 under PMLA. Any negative outcome could hurt business, reputation, and finances, as per InGovern report.
WeWork IPO Subscription Status, GMP Live: Sees muted demand
As of 1:30 pm on October 7, 2025, the WeWork India IPO’s grey market premium (GMP) stands at Rs 0. With a price band of Rs 648 per share, the implied listing price is Rs 648, indicating no expected listing gain or loss in unofficial trading.
WeWork IPO Subscription Status, GMP Live: High lease costs, negative cash flow
Lease rentals consume 43% of revenue, while operating cash flows remain negative. FY25 EBITDA margin stands at 14%, indicating pressure on unit economics, as per inGovern research.
WeWork IPO Subscription Status, GMP Live: Reason for dampened investors' interest
Both promoters, Jitendra and Karan Virwani, face multiple criminal and economic offence proceedings. Additionally, a retail investor filed a writ petition in court against the company.
WeWork IPO Subscription Status, GMP Live: Concerns around the issue
WeWork India does not qualify under SEBI ICDR Regulation 6(1) (profitability route) and has filed under Regulation 6(2), which applies to companies with weaker financials or recent restructuring. The company has been consistently loss-making, reporting a negative net worth of Rs 437.45 crore as of March 31, 2024. The reported FY25 profit arises solely due to a one-time adjustment, as per InGovern Research.
WeWork IPO Subscription Status, GMP Live: Subscribed 0.16 times overall by the morning of October 7, 2025 (Day 3)
Retail investors subscribed 0.45x
QIBs (excluding anchor) at 0.09x
Non-institutional investors (NII) at 0.08x
Employee quota at 1.52x
Total applications received: 61,463.
WeWork IPO Subscription Status, GMP Live: Key investor concerns
The WeWork IPO GMP has become almost flat. Investors are worried about The issue is entirely an Offer for Sale of up to 46.3 million equity shares, aggregating to approximately Rs 3,000 crore at the upper end of the price band.
Moreover, anchor investors have been allotted shares worth approximately Rs 1,348 crore. This represents nearly 45% of the total issue size.
WeWork IPO Subscription Status, GMP Live: Entirely an offer-for-sale
The Rs 3,000-crore IPO is structured as a complete Offer-for-Sale (OFS), meaning the company will not receive any funds from the share sale. Instead, all proceeds will go to existing shareholders, primarily Embassy Buildcon LLP and 1 Ariel Way Tenant Ltd, an affiliate of WeWork Inc.
WeWork IPO Subscription Status, GMP Live: Nirmal Bang on WeWork IPO
"WeWork is a leader in India’s premium flexible workspace market with robust growth metrics. The company is strategically positioned as a premium market leader to capitalize on the sustained shift towards hybrid work models in India. Revenue/adj EBITDA has grown steadily at a CAGR 22% /48% between FY23–FY25 and issue is available at a EV/adj EBIDTA of 21.3x of FY25 earnings which we believe is reasonable and recommend ‘Subscribe’ to the issue considering India’s strong demand for flexible offices and WeWork’s brand leadership," said Nirmal Bang in its IPO note.
WeWork IPO Subscription Status, GMP Live: AnandRathi on WeWork IPO
"At the upper price band, the company is valued at 4.4x FY25 P/S, implying a post-issue market capitalization of Rs 86,847 million. Its 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% of Net Membership Fees in Q1 FY26 and support its premium positioning with lower price sensitivity. The company also continues to innovate across core, digital, and value-added offerings to enhance member experience. The company has become EBIDTA positive and is focusing on profitability in coming years. Given these factors, the IPO appears fully priced and is recommended with a “Subscribe – Long Term” rating," said the brokerage firm AnandRathi in its IPO note.
WeWork IPO Subscription Status, GMP Live: Financial performance
In FY25, WeWork India reported a strong turnaround. Revenues rose 17% year-on-year to Rs 2,024 crore, while the company posted a net profit of Rs 128.19 crore, compared to a loss of Rs 135.77 crore in FY24.
WeWork IPO Subscription Status, GMP Live: Price band
Ahead of its IPO launch, the company raised Rs 1,348 crore from 67 anchor investors at the upper price band.
WeWork IPO Subscription Status, GMP Live: Bajaj Broking on WeWork IPO
"WeWork India Management is a flexible workspace operator in India. The organisation provides a comprehensive array 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. From a valuation perspective, the Company is currently valued at EV/EBITDA multiple of 6.8x and EV/Sales multiple of 4.3X based on its FY25 financials," said Bajaj Broking in its IPO note.
WeWork IPO Subscription Status, GMP Live: Business overview
WeWork India operates in the co-working and flexible workspace segment, catering to corporates, startups, and freelancers. It leases large office spaces, customises and manages them, and then subleases to clients under short-term contracts.
As of June 2025, the company operated 68 centres across eight major cities, offering over 1.14 lakh desks across 7.35 million sq. ft. of workspace.
WeWork IPO Subscription Status, GMP Live: Size, structure, and promoters
The issue is a complete Offer for Sale (OFS), meaning the company itself will not receive any proceeds from the IPO. Instead, all funds raised will go to existing shareholders, mainly Embassy Buildcon LLP and 1 Ariel Way Tenant Ltd, an affiliate of WeWork Inc.
WeWork IPO Subscription Status, GMP Live: Arihant Capital on WeWork IPO
"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. We recommend a “Subscribe for listing gain” for this issue," said Arihant Capital in its IPO note.
WeWork IPO Subscription Status, GMP Live: Anchor investors subscription
Prior to public subscription, 67 anchor investors, including domestic insurers, mutual funds, and global institutions, subscribed to shares worth Rs 1,348 crore.
WeWork IPO Subscription Status, GMP Live: Price band
WeWork India IPO price band is set at Rs. 615.00 to Rs. 648.00 per share. The lot size for retail investors is 23 shares, requiring a minimum investment of Rs. 14,904 (based on the upper price). For sNII, the lot size is 14 lots (322 shares), amounting to Rs. 2,08,656, and for bNII, it is 68 lots (1,564 shares), amounting to Rs. 10,13,472.
WeWork IPO Subscription Status, GMP Live: Objectives
The company will not receive any proceeds from the offer. All offer proceeds shall be received by the selling shareholder subsequent to the deduction of offer-related expenses and applicable taxes, which shall be the responsibility of the selling shareholders.
WeWork IPO Subscription Status, GMP Live: Company promoters
The company's promoters are Jitendra Mohandas Virwani, Karan Virwan, and Embassy Buildcon LLP.
WeWork IPO Subscription Status, GMP Live: About WeWork India Management
WeWork India Management is a flexible workspace operator in India. The organisation provides a comprehensive array 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.
WeWork IPO Subscription Status, GMP Live: Important dates
WeWork India IPO opens for subscription on Oct 3, 2025, and closes on Oct 7, 2025. The allotment for the WeWork India IPO is expected to be finalized on Oct 8, 2025. The IPO will list on BSE and NSE, with a tentative listing date set for Oct 10, 2025.
WeWork IPO Subscription Status, GMP Live: Employee section booked
The employee section of the IPO was booked fully within a few hours of opening. The category was subscribed to 1.31 times, while the total subscription as of now stands at 0.09 times.
WeWork IPO Subscription Status, GMP Live: Day wise breakdown
Day 1 – October 3, 2025:
The WeWork India IPO opened with a modest response. The Qualified Institutional Buyers category was subscribed 0.02 times, and the Non Institutional Investors category also stood at 0.02 times. The NII segment above ten lakh had no bids, while the below ten lakh category saw a subscription of 0.04 times. Retail investors subscribed 0.15 times, and the employee quota received stronger participation at 0.90 times, taking the total subscription to 0.04 times.
Day 2 – October 6, 2025:
On the second day, investor interest improved. The Qualified Institutional Buyers category was subscribed 0.09 times, while Non Institutional Investors reached 0.06 times, including 0.05 times in the above ten lakh category and 0.09 times in the below ten lakh segment. Retail investors subscribed 0.38 times, and employees continued to show strong interest with 1.44 times subscription, bringing the overall total to 0.14 times.
WeWork IPO Subscription Status, GMP Live: Objectives of IPO
The company will not receive any proceeds from the offer. All offer proceeds shall be received by the selling shareholder subsequent to the deduction of offer-related expenses and applicable taxes, which shall be the responsibility of the selling shareholders.