Highlights
| Issue Size – 46,296,296 shares | Issue Open/Close – 03 Oct / 07 Oct, 2025 |
| Price Band (Rs.) 615 – 648 | Issue Size (Rs.) ~ 30,000 mn |
| Face Value (Rs) 10 | Lot Size (shares) – 23 |
WeWork India Management Limited (WeWork) incorporate in 2016, engaged in the operating premium flexible workspaces, WeWork provide flexible, high-quality workspaces to their customers which include companies of all sizes: large enterprises; small and mid-size businesses; startups; individuals.
Their amenitized and technologically integrated workspaces come with shared amenities including meeting rooms, event spaces, printing, mail and packaging, wellness rooms and recreational spaces. They provide complete facility management services, pantry services, security and housekeeping, making it convenient for businesses to work in a fully-serviced office environment equipped with high-speed internet.
WWIML has established multi-asset relationships with several prominent developers across major Tier 1 cities. Their primary focus is on leasing Grade A office spaces from these developers, which are then designed, built, and operated as flexible workspaces in line with global standards.
Out of the total proceeding of Rs. 30,000 mn, Entire Rs. 30,000 mn would go towards existing Promoter and investor selling shareholders of the company. WeWork expects that listing of the equity shares will enhance their visibility and brand and provide liquidity to its existing Shareholders.
Key Highlights
- Flexible workspaces as a key part of the commercial office market, projected to grow from 82–86 million sqft in 2024 to 140–144 million sqft in Tier 1 cities by 2027 at a CAGR of 18–20 pct, driven by demand for flexibility, cost efficiency, hybrid models, and employee well-being.
- The company as of Q1 FY26 operates in 8 cities having 70 centers with total leasable area standing around 8.09 mn sq. feet, out of these 70 centers 68 centers are operational and clocks around 7.67 mn sq. feet.
- As of Q1FY25, 94 pct of the company’s 7.07 million sq. ft. portfolio comprised Grade A properties, with nearly 87 pct located in 28 key clusters across Tier 1 cities, including technology parks, business hubs, and premium CBD buildings that continue to see strong office demand.
- Their strong brand presence and offerings, along with their exclusive licensing of the WeWork Brand in India, have allowed them to establish and nurture long-term partnerships with leading global companies, including Amazon Web Services India, JP Morgan Services India, Discovery Communications India, Deutsche Telekom Digital Labs, CBA Services, and Grant Thornton Bharat.
- WeWork played a significant role in the growth of the flexible workspace sector in India and been a key contributor for the evolution of flexible workspace products and services. While they operate exclusively in India, WeWork Global’s strong international presence helps them attract global enterprises for their India offices as they are used to experiencing WeWorkbranded locations globally.
- WeWork’s key strategies include (i) Deepen presence in existing cities (ii) Expand into key micro-markets with strong demand for flexible workspace solutions (iii) Continue to focus on unit economics (iv) Invest in new products and technology to diversify revenue through innovation and inorganic growth (v) Data backed and tech-based approach to expansion and improving margins.
- Revenue of the company has grown by 21.7 pct CAGR in over FY23-25 and EBITDA grew by 24.7 pct CAGR over same period. During FY25 the sales of the company jumped by 17.1 pct YoY to Rs. 19,492 mn. While EBITDA of the company grew by 18.2 pct YoY to Rs.12,379 mn and EBITDA margin expanded by 63 bps to 63.5 pct YoY in FY25. During FY25, the company reported profit of ~Rs. 1282 mn, which grew 194 pct YoY due to tax adjustments.
Key Risk
- As of Q1FY26, the company has long-term fixed-cost leases for 7.35 million sq. ft. across 60 centers in eight cities. Defaults, non-renewals, or damage to these centers could adversely impact its business and financial performance.
- The fixed cost of the company is higher, any decline in occupancy can impacts company’s financials.
- Any disruptions to the operations of WeWork International Limited or any events that may cause adverse impacts on the WeWork Brand could have adverse impacts on reputation, business, and financial condition.
Financial Performance
| Particulars | FY23 | FY24 | FY25 |
| Sales (Rs. mn) | 13145 | 16651 | 19492 |
| EBITDA (Rs. mn) | 7956 | 10471 | 12379 |
| EBITDA Margin % | 60.5% | 62.9% | 63.5% |
| Profit (Rs. mn) | -1468 | -1358 | 1282 |
| Profit Margin % | -11.2% | -8.2% | 6.6% |
| ROCE % | 30.3% | 54.1% | 37.5% |
Peer Comparison
| Peer Comparison | WeWork | Awfis | Smartworks | IndiQube |
| Sales (Rs. mn) | 19,492 | 12,075 | 13,741 | 11,029 |
| EBITDA (Rs. mn) | 12,379 | 4,024 | 8,573 | 6,165 |
| EBITDA Margin % | 63.5% | 33.3% | 62.4% | 55.9% |
| Profit (Rs. mn) | 1,282 | 679 | -632 | -1,396 |
| Profit Margin % | 6.6% | 5.6% | -4.6% | -12.7% |
| Total Leasable Area (MSF) | 7.83 | 7.8 | 8.99 | 6.92 |
| Revenue to Rent Multiple (x) | 2.68 | NM | NM | 2.42 |
Valuation
WeWork India Management Limited is engaged in lending of premium flexible workspace in India and majority owned and promoted by Embassy Group. WeWork also benefit from relationship with WeWork Global with exclusive licensee of the WeWork brand in India. At the upper end of the price of Rs. 648, the issue quotes PE of 45.3x on TTM earnings. The issue looks fully priced.
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