WeWork India Management IPO

About the company

Incorporated in 2016, WeWork India Management Limited is a premium flexible workspace operator in India, providing flexible, high-quality workspaces to its members, including large enterprises, small and mid-size businesses, startups, and individuals. The company leases primarily Grade A office space from developers and transforms these spaces into fully managed, modern, tech-enabled offices. As of June 2025, 94% of its portfolio was in Grade A developments. The company operates across 8 major cities with presence in 68 operational centres comprising 114,077 desks across 7.67 msf of leasable area. The company offers a comprehensive range of flexible workspace solutions, including private offices, office suites, customised managed offices, serviced floors, co-working spaces, and hybrid digital solutions. In FY25, the company reported 1.42 times the operational revenue and 2.45 times adjusted EBITDA compared to its peers, as per the CBRE report. For FY25, its average portfolio level revenue to rent multiple of 2.7 exceeded the industry average, which generally lies in the range of 1.9 to 2.5. As of June 2025, the occupancy rate stood at 76.48% for operational centres and 81.23% for mature centres. Beyond its core workspace offerings, the company generates revenue from value-added services, including customisation, parking, event spaces, food and beverage services, and office infrastructure services. As of June 2025, the top 10 clients contributed 23.15% with no single client accounting for more than 10% of net membership fees, with the top client contributing 7.50%. Enterprise members contributed 75.67% of net membership fees, while international clients at 65.93% as of June 2025. It serves 2,215 clients, including marquee names such as Amazon Web Services India Private Limited, JP Morgan Services India Private Limited, Discovery Communications India, Deutsche Telekom Digital Labs Private Limited, CBA Services Private Limited, and Grant Thornton Bharat LLP. The weighted average membership tenure with large enterprise members as of June 30 2025, was 31 months. The company maintained a NPS score of 74.8 in FY25. It maintained a renewal rate of 70.1% and an adjusted renewal rate of 74.07% Q1FY26. It has a Net ARPM (Average Revenue per Member per Billed Desk) of ₹19,085 and a Revenue to Rent Multiple of 2.61 for Q1FY26. The company maintained a healthy asset-liability ratio with remaining locked-in net membership fees of ₹2,104.47 crore versus the remaining locked-in rent cost of ₹885.17 crore as of June 30, 2025. As per the CBRE report, the number of companies with over 10% of their office space being flexible is forecast to jump from 42% in the first quarter of 2024 to 59% by 2026 and flexible workspace stock in top 9 tier 1 cities grew from 35 msf in 2020 to 88+ msf in Q1FY26 and is expected to grow at a CAGR of 18-20% to reach 140 to 144 msf at the end of 2027. The demand for flexible workspaces has been fuelled further by an increasing focus by end users on flexibility, capital efficiency, cost optimisation, hybrid working, employee well-being, and a focus on core business activity, amongst other things. In view of industry developments, the company is planning to deepen its presence in existing cities and expand in key micro-markets, continue focusing on unit economics, invest in new products and technology to diversify revenues, and maintain its data-backed and tech-based approach to expansion. It also intends to acquire GCC customers as India has the largest share of GCC units globally, with 2,975+ units as of FY24. The company can provide customised offices for large teams with the technology infrastructure required to operate a GCC. Now, WeWork India Management is launching its book-building issue, which consists of an offer for sale of ₹3,000 crore. Its shares will be listed on the NSE and BSE.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   03 Oct 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   07 Oct 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   08 Oct 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   09 Oct 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   09 Oct 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   10 Oct 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.