The WeWork India IPO saw strong investor participation, achieving full subscription on the third day of the offer, reflecting healthy demand in the market. The surge was led by Qualified Institutional Buyers (QIBs), highlighting continued investor interest in prominent IPOs.
Market Response
The IPO attracted bids for 2,65,84,527 shares against 2,54,89,748 shares on offer, as per NSE data. Key subscription details across investor categories were:
- Retail Individual Investors (RIIs): 53% subscribed
- Qualified Institutional Buyers (QIBs): 166% subscribed
- Non-Institutional Investors (NIIs): 16% subscribed
Additionally, WeWork India collected over Rs 1,348 crore from anchor investors, showing strong confidence in the IPO from early participants.
WeWork India IPO Details
The company’s IPO is part of a Rs 3,000-crore offer for sale (OFS), concluding on October 8. Details include:
- Price Band: Rs 615–648 per share
- Company Valuation: Around Rs 8,685 crore at the upper price band
- Shares Offered: Up to 4.63 crore equity shares via OFS
The selling shareholders include Embassy Buildcon LLP (promoter group) and Ariel Way Tenant Ltd (WeWork Global), while the company itself will not receive proceeds from this OFS.
Current shareholding pattern:
- Embassy Group: 76.21%
- WeWork Global: 23.45%
The primary objective of this IPO is to list WeWork India on the stock exchanges, providing liquidity to existing shareholders and establishing a public market for its stock in India.
Company Overview
Founded in 2017, WeWork India operates under an exclusive licence of the WeWork brand in India and is promoted by Bengaluru-based Embassy Group.
The company’s operational footprint includes:
- Presence across Tier-1 cities: Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, Chennai
- Total managed space: 77 lakh sq ft
- Operational space: 70 lakh sq ft
- Desk capacity: 1.03 lakh
- Employees: Over 500
WeWork India continues to strengthen its presence in the co-working space segment, managing a mix of operational and leased spaces while catering to a large base of corporate and individual clients.
Summary
The WeWork India IPO being fully subscribed on Day 3 underscores strong market interest, particularly from institutional investors. With the offer being an OFS, existing shareholders get liquidity, while the listing will enhance the company’s visibility and public presence.
