WeWork India IPO: GMP, Valuation, Analyst View - Should Investors Jump In?

WeWork India’s much-awaited initial public offering (IPO) opened for subscription on October 3, 2025, and will close on October 7, 2025. The company aims to raise Rs 3,000 crore through a book-built issue, which is entirely an offer for sale (OFS) comprising 4.63 crore shares.

WeWork India IPO Price Band 
The IPO price band has been set between Rs 615 - 648 per share, while investors can apply for a minimum lot size of 23 shares. For retail investors, the minimum investment stands at ₹14,904 (based on the upper band). Small Non-Institutional Investors (sNIIs) can apply for 14 lots (322 shares) worth ₹2,08,656, while Big Non-Institutional Investors (bNIIs) can apply for 68 lots (1,564 shares) amounting to ₹10,13,472.

WeWork India IPO Listing Date 
The basis of allotment will be finalised on October 8, 2025, and shares are expected to be listed on both BSE and NSE on October 10, 2025.
JM Financial Ltd. is the book-running lead manager, while MUFG Intime India Pvt. Ltd. serves as the registrar of the issue.

WeWork India IPO GMP Today 
According to market observers, the WeWork India IPO’s grey market premium (GMP) was recorded at ₹5 as of October 6, 2025, at 11:58 AM. Based on the upper price band of ₹648, the estimated listing price is ₹653 per share, translating to a 0.77% premium.

About WeWork India Management 
Incorporated in 2016, WeWork India Management Ltd operates as one of India’s leading flexible workspace providers, catering to large enterprises, startups, and freelancers alike. The company offers custom-designed offices, enterprise suites, private co-working spaces, and hybrid digital solutions.

As of June 30, 2025, the company had 68 operational centers with a total desk capacity of 1,14,077 spread across eight cities in India. Its largest markets,Bengaluru and Mumbai, contribute significantly to its membership revenue.

Analyst View: “Attractive Valuation, Strong Business Model”
A recent Emkay Global report highlighted that WeWork India Management (WWIM), the exclusive licensee of the WeWork brand in India, has a robust and scalable business model designed to benefit from the rising demand for co-working and managed spaces.

“WWIM’s wide range of ready-to-move products (<10 to >5,000 desks) offers flexibility and is attractive for enterprises that seek to achieve scale or start operations with minimal upfront costs,” Emkay noted.

The brokerage added that the company has a weighted average membership tenure of 26 months against a 4.1-year lock-in period with landlords, which ensures a stable revenue base.
Importantly, WeWork India’s industry-leading revenue-to-rent ratio of 2.7x helps generate superior margins while reducing cash flow risk, with the break-even point at approximately 55% occupancy.

“At the upper price band of ₹648, the issue is valued at around 21x EV/adjusted EBITDA on FY25 estimates, which appears more reasonable than that of most listed peers,” the Emkay report added.

Bottom Line
With a solid operational presence, diversified clientele, and improving financial metrics, WeWork India’s IPO presents a balanced opportunity for investors. Although the short-term listing gains might be modest, the company’s long-term potential in India’s evolving workspace ecosystem could make it a compelling bet for growth-focused portfolios.

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