WeWork India Management Ltd’s initial public offering (IPO), a pure offer for sale (OFS) of 4.63 crore equity shares worth up to ₹3,000 crore, closed on October 7, 2025, with an overall subscription of 1.15 times, marking a modest improvement from the 0.04x on Day 1 and 0.13x on Day 2. The issue, priced at ₹615-648 per share and valuing the company at around ₹8,685 crore at the upper end, received bids for 2,92,68,328 shares against 2,54,89,748 shares on offer, according to NSE data. For IPO investors, market analysts, and co-working sector watchers searching WeWork India IPO 1.15x subscription, WeWork India allotment date, or WeWork India GMP October 2025, the subscription was driven by Qualified Institutional Buyers (QIBs) at 1.79x, while retail individual investors (RIIs) lagged at 0.62x and non-institutional investors (NIIs) at 0.23x. The employee quota was subscribed 1.31x, reflecting internal confidence. Shares are expected to list on BSE and NSE on October 10, 2025, following allotment finalization on October 8. The grey market premium (GMP) stood at ₹0 as of October 7, indicating flat sentiment.
WeWork India, promoted by Embassy Group and operating under the WeWork brand, manages 7.35 million sq ft of flexible workspaces across eight cities, with 1.03 lakh desks and 70 lakh sq ft operational as of June 2025.
Subscription Status Breakdown
The IPO saw varied interest across categories, with QIBs showing strong confidence while retail and NII participation remained subdued.
- QIBs: 1.79x subscription, reflecting institutional optimism about WeWork’s recovery.
- NIIs: 0.23x, cautious amid governance concerns flagged by proxy advisory firm InGovern.
- RIIs: 0.62x, limited by high valuation (Rs 8,685 crore at upper band).
- Employee Quota: 1.31x, indicating internal buy-in.
The issue, entirely an OFS with no fresh capital, allows promoters Embassy Buildcon LLP and WeWork Global’s 1 Ariel Way Tenant Ltd to offload stakes. Anchor investors raised Rs 1,348 crore pre-opening.
| Category | Shares on Offer | Bids Received | Subscription Rate |
|---|---|---|---|
| QIB | 1,27,44,874 | 2,27,96,000+ | 1.79x |
| NII | 63,72,437 | 14,66,000+ | 0.23x |
| RII | 63,72,437 | 39,50,000+ | 0.62x |
| Employee | 3,00,000 | 3,93,000+ | 1.31x |
| Total | 2,54,89,748 | 2,92,68,328 | 1.15x |
Grey Market Premium and Valuation Insights
The GMP remained at ₹0 as of October 7, 2025, suggesting neutral sentiment with no premium or discount over the ₹648 upper band. This flat GMP reflects mixed views: Optimism on WeWork’s 77 lakh sq ft operational space and 1.03 lakh desk capacity, tempered by governance issues, including Enforcement Directorate proceedings against promoter Jitendra Virwani since 2014.
- Valuation: Rs 8,685 crore at upper band; lot size 23 shares (Rs 14,904).
- Peer Comparison: WeWork’s 68 centers in eight cities vs. Awfis’ 200+; P/E multiple of 25x FY25 earnings.
InGovern flagged inadequate disclosures on legal proceedings, raising fit-and-proper concerns under SEBI rules.
Allotment and Listing Timeline
The basis of allotment will be finalized on October 8, 2025, with refunds to unsuccessful bidders processed by October 9 and shares credited to demat accounts by October 9. Tentative listing on BSE and NSE is October 10, 2025.
- Check Allotment: Via registrar Link Intime India (linkintime.co.in) using PAN, DP ID, or application number.
- GMP Trend: Flat at ₹0; no listing pop expected.
Conclusion: WeWork India’s Modest IPO Close
WeWork India’s 1.15x subscription on final day reflects QIB confidence in its flexible workspace model, despite subdued retail interest. With listing on October 10, it marks a recovery milestone for the Embassy-backed firm. For investors, it’s a measured bet—will governance concerns cap upside? The desks fill. inc42
