[Update] WeWork India IPO: Issue Subscribed 4% On Day 1

WeWork Turns Profitable In Q2, Posts INR 6.4 Cr PAT

SUMMARY

WeWork India IPO was subscribed 4% on the first day of bidding, receiving bids for 11 Lakh shares against 2.54 Cr shares on offer

The issue witnessed highest interest from employees with the portion reserved for them getting subscribed 0.90X

WeWork India has set a price band of INR 615 to INR 648 for its public issue, which solely comprises an offer for sale of up to 4.62 Cr equity shares

Updated | October 03, 19:48 IST

The public issue of WeWork India was subscribed 4% on the first day of bidding, receiving bids for 11 Lakh shares against 2.54 Cr shares on offer.

The issue witnessed highest interest from employees with the portion reserved for them getting subscribed 0.90X. They placed bids for 53K shares while the company had reserved 59K shares for them.

Retails Investors’ portion was subscribed 0.14X, with them placing bids for 6.69 Lakh shares against 46 Lakh shares on offer.

The QIB and NII portions were also oversubscribed at 0.02X and 0.02X, respectively. While QIBs applied for 2.7 Lakh shares against 1.38 Cr shares reserved for them, NIIs placed bids for 1.1 Lakh shares against 69 Lakh shares on offer.

Original | October 03, 13:02 IST

Coworking space provider WeWork India IPO got off to a slow start, with the public issue subscribed 2% as of 12:15 on the first day of bidding. The IPO received bids for 5.1 Lakh shares against 2.54 Cr shares on offer.

The employees’ portion saw the highest subscription at 0.57X, receiving bids for 33K Cr shares against 59K shares on offer.

Retail investors bid for 4.2 Lakh shares against 46.23 Lakh shares on offer, resulting in 0.09X subscription.

Non-institutional investors (NIIs) bid for 55K shares as against 69.35 Lakh shares reserved for them, resulting in a 0.1X subscription. The issue didn’t receive any bids from qualified institutional buyers (QIBs).

Ahead of the opening of the public issue, WeWork India raised INR 1,348.3 Cr from anchor investors on Wednesday (October 1). The company allocated 2.08 Cr equity shares to 67 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 India has set a price band of INR 615 to INR 648 for its public issue, which solely comprises an offer for sale of up to 4.62 Cr equity shares. The issue will close on October 7.

While promoter Embassy Buildcon LLP will offload up to 3.54 Cr shares via the OFS, WeWork International Ltd’s wholly owned subsidiary, 1 Ariel Way Tenant Limited, will sell up to 1.08 Cr shares.

At the upper end of the price band, the selling shareholders will cumulatively raise INR 3,000 Cr. At INR 648, the company would be valued at INR 8,684 Cr (about $978.6 Mn).

The company filed its DRHP with SEBI in January this year. However, a couple of months later in March, the market regulator kept its draft IPO papers in abeyance. Eventually in July, SEBI granted its approval for WeWork India’s public listing.

Post its market debut, WeWork India will become the fifth listed coworking space provider in the country after Awfis, Smartworks, IndiQube and recently listed DevX.

On the financial front, WeWork India trimmed its net loss by 51.5% to INR 14.1 Cr in Q1 FY26 from INR 29.2 Cr in the year-ago quarter. Operating revenue jumped 19.3% to INR 535.3 Cr in the quarter under review from INR 448.7 Cr in Q1 FY25.