WeWork India IPO Opens On Oct. 3 — Should You Subscribe Or Not? Read Angel One's Report For Key Issue Details

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Angeo One Report

WeWork India Management Ltd. is launching an initial public offering with a price band of Rs 615–Rs 648 per share, aiming to raise up to Rs 3,000-crore. The IPO will open on Oct. 3 and close on Oct. 7.

The offering comprises an offer-for-sale of 4.63 crore shares, with no fresh issue component, meaning the company will not receive any proceeds from the IPO.

The shares of WeWork will be listed on both the National Stock Exchange and the BSE on Oct. 10.

At the upper IPO price band of Rs 648, WeWork India’s post-issue P/E stands at 67.75x, indicating a premium valuation; while the company is profitable and operates in a growing flexible workspace sector, high fixed costs, revenue concentration, and market risks make returns uncertain leading to a 'Neutral' recommendation.

Key Risks

Key challenges for WeWork India include a fragmented industry with multiple operators, demand volatility during economic downturns, potential oversupply risks in major metropolitan markets.

Company Overview

WeWork India Management, launched in 2017, is the largest premium flexible workspace provider in the country and the exclusive licensee of the WeWork brand, promoted by Embassy Group with access to Grade A office assets and real estate expertise.

As of June 30, 2025, the company operated 68 centres across 8 cities such as Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai, with a total capacity of 114,077 desks spanning 7.67 million sq. ft., of which 94% is located in Grade A developments.

Its offerings include Private Offices, Managed Offices, Enterprise Suites, Serviced Floors, Hybrid models, and Digital solutions such as WeWork All Access, On Demand, Virtual Office, and Workplace SaaS, serving a diversified base of Fortune 500 firms, global MNCs, GCCs, MSMEs, start-ups, and freelancers, with enterprise clients contributing 76% of membership feesin Q1 FY26.

WeWork India has been the largest operator by total revenue, playing a significant role in the growth and evolution of the flexible workspace sector, and its strong brand positioning and global network have enabled it to attract marquee clients such as Amazon Web Services, JP Morgan, Discovery Communications, Deutsche Telekom Digital Labs, CBA Services, and Grant Thornton Bharat.

Sector Outlook

The Indian flexible workspace sector is experiencing strong growth, driven by the adoption of hybrid work models and increasing demand for scalable, cost-efficient office solutions.

The market currently comprises 96 million sq. ft. across 500+ operators and 2,200+ centres, with approximately 90% of this stock concentrated in key Tier-1 cities, while demand in Non-Tier-1 citiesis also steadily rising.

By 2027, the sector is projected to expand to 280–300 million sq. ft., with revenue potential of Rs 730–960 billion, creating significant opportunities for WeWork India to leverage its premium flexible workspace offerings and Core+Flex strategies.

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