For investors, it can be quite challenging to decide if the WeWork India IPO is a good investment or not. If you are unsure and still thinking about whether to apply or skip this IPO, don’t worry. In this article, we bring you the top important key factors and a detailed review of the WeWork India IPO. This will help you analyze the strengths, risks, and financial details of WeWork India, making your investment decision better.
About Company
WeWork India, founded in 2017, is one of the growing premium flexible workspace operators in India. The company is involved in offering high-quality workspaces to customers of all types of companies, including large enterprises, small and mid-size businesses, startups, and individuals. As of September 30, 2024, the company consists of a total of 523 permanent staff members.
The company includes one of the most extensive ranges of products and services. WeWork India uses tech-enabled workspaces that offer amenities like meeting rooms, event spaces, and wellness areas, along with full facility management, pantry, security, housekeeping, and high-speed internet. Bengaluru, Mumbai, Pune, Hyderabad, Gurgaon, Noida, Delhi, and Chennai are the major Indian office markets in which the company operates. WeWork is one of the growing brands in India that holds a loyal customer base, playing a major role in the growth of flexible workspaces. The process comprises leasing Grade A office spaces from developers and setting them up as flexible workspaces as per global standards.
Strengths
- The company holds a strong brand recognition with leadership in India and a growing international presence.
- WeWork India holds a leadership position in a fast-growing market.
- They offer a wide range of products and services in the workspace industry in India.
- The company is supported by an experienced leadership and management team.
Weaknesses
- One of the promoters of the company has pledged its shares as security for borrowings. If the lenders use these pledges, then it can negatively impact the promoters’ shareholding and the company’s business and cash flow.
- A credit rating downgrade could hurt the ability to raise capital in the future.
- Any disruption in WeWork International Limited’s operations or damage to the WeWork brand can adversely affect the business and cash flow.
- If the company fails to retain or attract new members, it can adversely affect the business and financial condition.
WeWork India IPO Review
| Reviewer | Recommendation |
| IPO Watch | May Apply |
| Lakshmishree Investment & Securities Ltd | Apply |
| Angel One | Neutral |
| Canara Bank Securities Ltd | Apply |
| Capital Market | Neutral |
| cholamandalam securities limited | Neutral |
| SMC Global | Neutral |
| Ventura Securities Limited | NA |
WeWork India IPO Details
| IPO Open Date: | October 3, 2025 |
| IPO Close Date: | October 7, 2025 |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹615 to ₹648 Per Share |
| Issue Size: | Approx ₹3,000 Crores |
| Offer-for-Sale: | Approx 4,62,96,296 Equity Share |
| Registrar | MUFG Intime India Private Limited |
| IPO Lead Managers | JM Financial Limited ICICI Securities Limited Jefferies India Private Limited Kotak Mahindra Capital Company Limited 360 ONE WAM Limited |
| Basis of Allotment | October 8, 2025 |
| IPO Listing Date: | October 10, 2025 |
| Listing | BSE SME |
Financial Performance Trend Details
| Performance | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
| Revenue from operations | ₹2,024.00 Crores | ₹1,737.16 Crores | ₹1,422.77 Crores |
| EBITDA | ₹1,235.95 Crores | ₹1,043.79 Crores | ₹795.61 Crores |
| EBITDA Margin (%) | 63.41% | 62.69% | 60.52% |
| PAT | 128.19 Crores | -135.77 Crores | -146.81 Crores |
| PAT Margin (%) | 6.33% | (7.82%) | (10.32%) |
| RoCE (%) | 37.52% | 54.05% | 30.32% |
| Total Borrowings | ₹310.22 Crores | ₹625.83 | ₹485.61 |
Peer Comparison with the Company
| Name of the Company | EPS(₹) | Face Value (₹) | P/E Ratio | RoNW (%) | NAV Per Share | Total Income (₹ in millions) |
| WeWork India | 9.93 | 10 | [●] | 63.80% | 15.57 | 19,492.11 |
| Awfis Space Solutions Limited | 9.75 | 10 | 59.38 | 14.78% | 64.71 | 12,075.35 |
| Smartworks Coworking Spaces Limited | (6.18) | 10 | NA | (58.76)% | 10.55 | 13,740.56 |
| IndiQube Spaces Limited | (7.65) | 1 | NA | NA | (0.24) | 10,592.86 |
Promoters & Track Records, if any
- Jitendra Mohandas Virwani, born on February 18, 1966, aged 59 years, is the Chairman and Non-executive Director of the Company.
- Karan Virwani, born on November 10, 1991, aged 33 years, is the Chief Executive Officer and Managing Director of the Company.
- Jitendra Mohandas Virwani, Karan Virwani, and Embassy Buildcon LLP, holding 73.82% pre-issue stake.
Information on Industry’s P/E Ratio
The company WeWork India did not show the P/E ratio in the RHP. In the Workspace industry, the highest, lowest, and average values all stood at 59.38.
WeWork India IPO – Should You Apply or Not?
WeWork India presents a promising opportunity in India’s growing flexible workspace sector. The Strong Brand Recognition in India and internationally, backed by Embassy Group and WeWork Global, makes this IPO an attractive choice for long-term investors. Robust balance sheet management, premium pricing, and capital efficiency support growth potential. However, risks such as reliance on the WeWork brand, promoter share pledges, and potential credit rating impacts exist.
Those with a higher tolerance for risk can apply for this IPO, and cautious investors must carefully analyze the company’s financial background, risks, strengths, and strategies before applying to it.
Please Note:
This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
