WeWork India Management Ltd. (flexible workspace operator; exclusive licensee of the “WeWork” brand in India)
Promoter / Major Shareholders
Embassy Group / Embassy Buildcon LLP (majority owner) and 1 Ariel Way Tenant Ltd. (WeWork Global affiliate)
Nature of IPO
Pure Offer for Sale (OFS) — no new (fresh) shares issued; existing shareholders will sell their shares.
Offer Details
Parameter
Value
Number of Shares on Offer
Up to ~43,753,952 equity shares.
Selling Shareholders
– Embassy Buildcon LLP: up to ~33.46 million shares – 1 Ariel Way Tenant Ltd: up to ~10.30 million shares
Face Value
₹10 per share
Financial & Business Metrics
Metric
Value / Observation
Revenue (FY2023)
₹1,314.5 crore
Revenue (FY2024)
₹1,665.14–₹1,737.16 crore (different sources)
Net Loss (FY2023 & FY2024)
FY23 loss ~ ₹146.8 crore; FY24 loss ~ ₹135.8 crore.
Desk Capacity / Portfolio
As of ~Sep-2024: 59 centres; ~94,440 desks; ~6.48 million sq ft leasable area across 8 major cities.
Strengths
Leading Market Presence & Revenue Growth
WeWork India is among the largest flexible workspace operators in India by revenue.
Its income from operations has been growing well: FY23 vs FY22 growth, then further in FY24.
Strong Brand & Premium Positioning
Strong brand recognition (WeWork + association with premium flexible workspace).
Backed by Embassy Group, a well-established real estate developer, which helps in securing Grade A properties in top Tier-1 cities.
Quality Portfolio of Real Estate
High proportion (~93%) of its portfolio is Grade A real estate in prime locations in Tier-1 cities.
Large scale: many centres (59 centres as of Sep 2024), many desks, in eight major cities.
Diverse Product Offerings & Flexible Solutions
Offers a range: coworking spaces, private offices, managed offices, customized solutions, hybrid/digital membership etc.
Flexibility (in membership, short-term leases, all-access etc.) which matches current demand trends (hybrid work, desire for flexible space).
Weaknesses / Risks
Concentration Risk
A large part of its revenue comes from just a couple of cities (Bengaluru & Mumbai). ~70% of net membership fees are from those two. If something adverse happens (regulatory, economic, real estate cost, competition) in these cities it could impact heavily.
Lease / Fixed Cost Obligations
The business holds long-term lease agreements with landlords for large leasable areas (millions of square feet). These leases represent fixed, recurring cost liabilities. If occupancy drops, or membership revenues fluctuate, it could hurt margins.
Renewal risks or inability to pay lease rents are material concerns.
Profitability & Net Worth Weaknesses
Although improving, the company has had net losses in recent FYs.
Negative net worth in previous periods.
No Fresh Capital via IPO (Offer for Sale only)
The IPO is purely OFS (existing shareholders are selling); the company will not receive funds directly from this. So, it does not get fresh capital to reduce debt, expand aggressively, or shore up cash buffer.
FAQs on WeWork India Management Ltd. IPO
1. What does WeWork India Management Ltd. do? WeWork India is a leading flexible workspace provider operating under the “WeWork” brand in India, offering coworking spaces, private offices, managed offices, and customized workspace solutions across major Indian cities.
2. Who are the promoters of WeWork India? The company is backed by Embassy Buildcon LLP (Embassy Group) and 1 Ariel Way Tenant Ltd. (an affiliate of WeWork Global).
3. What is the size of the WeWork India IPO? The IPO comprises an Offer for Sale (OFS) of up to 43,753,952 equity shares, amounting to about ₹3,000 crore at the upper end of the price band.
4. What is the price band of the IPO? The IPO price band is fixed at ₹615 – ₹648 per share.
5. What are the IPO opening and closing dates?
Opens: October 3, 2025
Closes: October 7, 2025
6. Who are the selling shareholders in the IPO?
Embassy Buildcon LLP: up to ~33.46 million shares
1 Ariel Way Tenant Ltd.: up to ~10.30 million shares
7. Will the company receive any proceeds from the IPO? No, since this IPO is a pure OFS, proceeds will go to the selling shareholders, not the company.
8. What is the minimum investment required for retail investors? Retail investors must invest in a lot size of shares (exact lot size will be finalized in the RHP). At the upper price band (₹648), the minimum investment will likely be around ₹14,000–15,000.
