LIVE: WeWork IPO Day 2 – Why has the GMP fallen further? Check subscription details

Prior to public subscription, 67 anchor investors, including domestic insurers, mutual funds, and global institutions, subscribed to shares worth Rs 1,348 crore.

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.

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.

The company’s promoters are Jitendra Mohandas Virwani, Karan Virwan, and Embassy Buildcon LLP.

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 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.

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.

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.

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 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 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 and adjusted EBITDA has grown steadily at a CAGR of 22% and 48%, respectively, between FY23–FY25. “The 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 an IPO note.

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.

The shares of WeWork India have fallen to nil in the grey market. The share price has been witnessing a continuous decline for the past six days. WeWork India was fetching a premium of 2.3%, trading at Rs 663 on October 01. This has dropped to Rs 648, the issue price, on October 06.

The company has shown a turnaround in its finances. Its revenue grew from Rs 1,314 crore in FY23 to Rs 1,949 crore in FY25, and net profit moved from a loss of Rs 147 crore to a profit of Rs 128 crore. EBITDA margins also improved.

WeWork India operates 68 centers across 8 Tier-1 cities, offering more than 114,000 desks. Its asset-light model focuses on plug-and-play workspaces, allowing flexibility and scalability without significant property ownership.

The WeWork India IPO continued to see a slow start on the second day of bidding as well, with an overall subscription of 0.08 times so far. Retail investors subscribed 0.29 times, while the Qualified Institutional Buyers (QIB) and Non-Institutional Investors (NII) categories remained tepid at 0.02 times and 0.04 times, respectively. The bidding process is still underway.

“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.

The IPO is open for bidding from October 3 to October 7. The allotment is scheduled for October 8, with listing on NSE and BSE planned for October 10. Retail investors can apply in lots of 23 shares.

The WeWork India IPO is structured as a full Offer-for-Sale (OFS) worth Rs 3,000 crore. No new shares are being issued, and the company itself will not receive any funds. All proceeds go directly to existing shareholders after deduction of taxes and IPO-related expenses.

The IPO allocation follows SEBI guidelines: 75% is reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for Retail Individual Investors (RIIs). Employees also have a reserved quota.

Prior to public subscription, 67 anchor investors, including domestic insurers, mutual funds, and global institutions, subscribed to shares worth Rs 1,348 crore.

The shares on offer are held by the promoters, Embassy Buildcon LLP, and WeWork Global. The sale provides liquidity to these shareholders without changing the company’s operational ownership or adding equity capital.

Also read: WeWork looks to maintain 20-25% topline, capacity growth

In the WeWork India IPO, the company itself will not receive any funds. All the money raised from the sale of shares will go directly to the selling shareholders. After deducting any IPO-related expenses and applicable taxes, the proceeds will remain with these shareholders, making it a pure offer-for-sale without adding capital to the company’s balance sheet.

“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 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.

“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.

In the unlisted market, WeWork India’s shares have been trading at a modest grey market premium (GMP) of Rs 5–15, or roughly 1–2.5% above the upper price band.

A key concern for investors lies in WeWork India’s asset-liability mismatch. The company signs long-term lease agreements typically spanning over eight years while most of its client contracts are much shorter.

Also Read: WeWork India IPO: Four lesser-known facts that investors can’t miss before applying

“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.

The company reported a sharp turnaround in FY25, with revenues rising 17% year-on-year to Rs 2,024 crore and a profit of Rs 128.19 crore, compared to a loss of Rs 135.77 crore in FY24.