WeWork India's IPO Starts Slowly, Raises INR 1,348 Cr
WeWork India's Initial Public Offering (IPO) got off to a slow start on the first day of bidding, with only 4% of shares subscribed. Despite this, the company has seen significant interest from employees and anchor investors, raising INR 1,348.3 Cr. The IPO is part of WeWork India's expansion plans, with the company aiming to become the fifth listed coworking space provider in the country.
The IPO, which opened on October 2, saw bids for 11 Lakh shares against 2.54 Cr shares on offer. Notably, the portion reserved for employees was oversubscribed by 0.90 times, indicating strong internal support. WeWork India has set a price band of INR 615 to INR 648 for the issue, which solely comprises an offer for sale of up to 4.62 Cr equity shares.
The company's financials show promise, with a 51.5% reduction in net loss to INR 14.1 Cr in Q1 FY26 compared to the year-ago quarter. Operating revenue also jumped by 19.3% to INR 535.3 Cr during the same period. This improvement comes on the heels of WeWork India raising INR 1,348.3 Cr from anchor investors on Wednesday, October 1.
Promoter Embassy Buildcon LLP will offload up to 3.54 Cr shares via the Offer for Sale (OFS), while WeWork International Ltd's wholly owned subsidiary will sell up to 1.08 Cr shares. The shares were offered for sale by promoter Embassy Buildcon LLP and investor WeWork International, with the Embassy Group as the majority stakeholder and WeWork Global also involved. 67 anchor investors subscribed about ₹1,348.26 crore at the upper end of the price band.
Upon listing, WeWork India will be valued at INR 8,684 Cr (about $978.6 Mn), with the selling shareholders cumulatively raising INR 3,000 Cr at the upper end of the price band. The IPO is a significant step for WeWork India, as it looks to expand its presence in the coworking space market and tap into public funding.
