WeWork India Shares Make Flat Debut, List At INR 646.5

SUMMARY

The stock got listed at INR 646.5 on the BSE, marginally lower than the issue price of INR 648

On the NSE, the shares opened slightly above the issue price at INR 650

The company’s IPO closed with an oversubscription of 1.15X on October 7

Shares of coworking space provider WeWork India made a flat debut on the BSE today. The stock got listed at INR 646.5 on the BSE, marginally lower than the issue price of INR 648.

On the NSE, the shares opened slightly above the issue price at INR 650.

At 10:15 IST, the shares were trading 3.1% below the issue price at INR 627.90 on the BSE.

The company’s market capitalisation stood at INR 8,396.56 Cr (about $945.7Mn).

The company’s IPO closed with an oversubscription of 1.15X on October 7. The public issue received bids for 2.92 Cr shares against 2.54 Cr shares on offer.

The employees’ portion was the most oversubscribed, with bids of 1.11 Lakh shares against 59,523 shares available. While the portion reserved for qualified institutional buyers (QIBs) was oversubscribed 1.79X, bidding from retail investors ended at 61%.

Ahead of the IPO, WeWork India raised INR 1,348.3 Cr from anchor investors, including Whiteoak Capital, Goldman Sachs, Nippon India, ICICI Prudential, HDFC Mutual Fund, Aditya Birla Sun Life Trustee, Susquehanna Pacific Pty Ltd, Motilal Oswal, Societe Generale, among others.

WeWork’s public issue solely comprised an OFS of 4.62 Cr equity shares. Of these, promoter group Embassy Buildcon LLP sold 3.54 Cr shares, while Ariel Way Tenant offloaded 1.08 Cr shares.

Post the IPO, the promoters and promoters’ group hold 49.8% stake in the company.

WeWork India initially operated as the Indian division of US-based coworking company WeWork Inc. However, the parent entity hit a bankruptcy bump in 2023. Meanwhile, WeWork India continued to grow independently as the US entity owned only 27% stake in the company, with the Embassy Group holding the rest of the stake.

On the financial front, the coworking space company managed to trim its net loss by 51% to INR 14.1 Cr in the first quarter of the ongoing financial year (Q1 FY26) from INR 29.2 Cr in the same quarter last year. Its revenue grew 19% to INR 535.3 Cr during the quarter under review from INR 448.7 Cr in Q1 FY25.