About WeWork India Management Limited - Mainboard IPO
WeWork India Management Limited is India’s largest premium flexible workspace provider. Started in 2017 and based in Bengaluru, the company leases buildings from landlords, transforms them into modern tech-enabled offices, and rents them out to businesses of all sizes - from individual freelancers to large enterprises like Amazon Web Services and JP Morgan.
The company operates under the famous global WeWork brand and is majority-owned by Embassy Group, one of India’s leading real estate developers. WeWork India provides flexible office solutions including private offices, co-working spaces, meeting rooms, and managed office suites.
READ FULL DRHP HERE:|SEBI DRHP WE WORK|
IPO Details
Key Information
| Details | Information |
|---|---|
| IPO Price Band | ₹615 - ₹648 per share |
| Minimum Lot Size | 23 shares (about ₹14,904 at highest price) |
| Issue Size | ₹3,000 crore (100% Offer for Sale - OFS) |
| Face Value | ₹10 per share |
| Stock Exchanges | BSE and NSE |
| Registrar | MUFG Intime India Pvt Ltd CLICK HERE |
| Book-running Managers | JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital, 360 ONE WAM |
IPO Timeline (Important Dates)
| Event | Date |
|---|---|
| IPO Opens | October 3, 2025 |
| IPO Closes | October 7, 2025 |
| Allotment Date | October 8, 2025 |
| Refunds/Unsuccessful Bids | October 9, 2025 |
| Shares in Demat Account | October 9, 2025 |
| Listing Date | October 10, 2025 |
What Is the Money Used For?
Important Note: This is 100% Offer for Sale (OFS), meaning the company will NOT receive any money from the IPO. All proceeds go to existing shareholders (Embassy Group and WeWork Global) who are selling their shares. This is purely for listing and providing exit to current investors.
Key Financials (as per NSDL and Company Reports)
| Financial Metric | FY23 (₹ Cr) | FY24 (₹ Cr) | FY25 (₹ Cr) |
|---|---|---|---|
| Revenue | 1,314.52 | 1,665.14 | 1,949.21 |
| Profit After Tax (PAT) | -146.88 | -135.77 | 128.19 |
| EBITDA (Operating Profit) | 796.00 | 1,047.00 | 1,236.00 |
| EBITDA Margin | 60.55% | 62.86% | 63.45% |
| PAT Margin | -11.17% | -8.15% | 6.58% |
| Return on Equity (ROE) | - | - | 63.8% |
| Return on Net Worth | - | - | 63.8% |
| Earnings Per Share (EPS) | - | - | ₹9.93 |
| Revenue Growth (YoY) | 67.58% | 26.67% | 17.06% |
Explanation of Financial Terms:
- Revenue: Total sales from workspace rentals and services
- EBITDA: Operating profits before interest, taxes, and depreciation
- PAT: Final profit after all expenses and taxes
- ROE: How efficiently the company uses shareholders’ money
- EPS: Profit earned for each share
Analysis:
-
Revenue grew from ₹1,315 crore (FY23) to ₹1,949 crore (FY25) - a 48% increase over two years
-
Growth slowed from 67% in FY23 to 17% in FY25, indicating maturing business
-
Major Recovery Moved from ₹147 crore loss (FY23) to ₹128 crore profit (FY25).
-
EBITDA margins consistently above 60% - industry-leading performance
-
PAT margins turned positive at 6.6% in FY25.
Points of Caution:
- 100% OFS: Company gets no funds for growth, purely exit for existing investors
- Declining occupancy: Occupancy rates dropped from 83.78% to 76.79% in recent years
- Client concentration: High dependence on Bengaluru (66%) and Mumbai markets
- Renewal pressure: Client renewal rates declining from 79.24% to 74.66%
- Legal issues: Promoter facing money laundering case since 2014
- High fixed costs: Long-term lease commitments create operational risk
- Parent company issues: Global WeWork filed for bankruptcy in 2023
- Competition: 500+ flexible workspace operators in India
- Economic sensitivity: Business affected by economic slowdowns and office demand
Why Some Investors Like This Mainboard IPO
- Market leadership: Dominant position in fast-growing flexible workspace sector
- Financial turnaround: Strong recovery from losses to healthy profits
- Premium positioning: Higher margins and pricing power than competitors
- Structural growth: Shift towards hybrid work models driving demand
- Quality assets: Grade A properties in prime locations across major cities
IPO FAQS
What is an IPO?
- An IPO (Initial Public Offering) is when a private company sells its shares to the public for the first time to raise money.
- Example: If a well-known pizza company wants to grow, it can list its shares on the stock exchange so anyone can buy a piece of the company.
How can you apply for an IPO (using Zerodha or Upstox)?
- Make sure you have a Demat account and your bank account is linked.
- Steps:
- Log in to your broker’s app (e.g., Zerodha Kite, Upstox).
- Go to the IPO section.
- Select the company’s IPO you want to apply for.
- Enter how many shares (or ‘lots’) you want and the price you wish to bid.
- Enter your UPI ID, submit your application, and approve the UPI payment request.
How are IPO shares allotted?
- If more people want shares than are available, the company uses a lottery system to decide who gets them.
- If you don’t get shares, your money is simply returned.
What is GMP (Grey Market Premium)?
- GMP shows the extra price people are willing to pay for IPO shares before they officially start trading.
- Example: If IPO price is ₹100 and GMP is ₹20, people are unofficially ready to pay ₹120. It hints at the IPO’s popularity but isn’t a guarantee.
Where to check upcoming IPOs (IPO calendar)?
- Visit popular finance sites like Chittorgarh, IPOWatch, or official exchange websites (NSE, BSE) and look for the “Upcoming IPO” section.
What are IPO listing gains?
- If the share’s price rises on the first trading day, you can make instant profit.
- Example: You buy at ₹150, and it opens at ₹200, you gain ₹50 per share.
How can you make profit from an IPO?
- Quick gains on listing day (if the stock price goes up).
- Long-term: If the company grows, the share price could increase further.
Which IPO is best to buy?
- There is no single best IPO. Check the company’s background, current demand, and GMP, but always research before investing.
- High GMP or popularity doesn’t guarantee profits.
Are IPOs safe?
- IPOs can be profitable but also risky; prices can go up or down sharply.
- Only invest if you are ready for potential losses.
How to check IPO allotment status?
- After the IPO process, check on exchanges (BSE/NSE websites) or the IPO registrar’s site (like K-Fintech, Bigshare,or mufg-intime) by entering your PAN or application number to see if you got shares.
Important Tips for Retail Investors Applying for an IPO
- Use Only Your Own PAN Card:
Avoid using the same PAN card for multiple IPO applications. For example, if you have already applied using your PAN for one IPO, don’t try to apply again with the same PAN under different accounts or through others. - Apply in the Right Category:
Ensure you select the correct investor category (such as Retail Individual Investor) when filling out your application. Applying under a wrong category can lead to rejection or disqualification. - Maintain Sufficient Bank Balance:
Before applying, ensure your bank account linked to the application has enough funds to cover the full bid amount. For instance, if the IPO application requires a payment of ₹15000, make sure your account holds at least that amount. - Use Your Own Bank Account:
Always apply through your own bank account. Using someone else’s account can cause your application to be rejected during the verification process. - Avoid Last-Minute Applications:
Don’t wait until the deadline day or moments before to apply. Last-minute submissions may face technical glitches or processing delays, reducing the chances of success.