WeWork India Management Ltd. IPO

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WeWork India, a premium flexible workspace operator, was launched in 2017 and has quickly become one of India’s leading operators in the sector, according to the CBRE Report. The company has been the largest operator by total revenue in the last three fiscal years and has played a significant role in the growth and evolution of the flexible workspace sector in India. WeWork India is the exclusive licensee of the WeWork brand in India, offering high-quality, flexible workspaces to businesses of all sizes, ranging from startups to large enterprises.

Business Model and Services

WeWork India operates primarily in Grade A office spaces, offering a broad range of flexible workspace solutions to its members. These includes Private Offices, Co-working Spaces, Enterprise Office Suites, Customized Managed Offices and Hybrid Digital Solutions

The company also provides value-added services such as Custom office space design, Meeting rooms, Event spaces, Food and beverage services. Pantry services, High-speed internet, Security and housekeeping services

WeWork India’s workspace solutions are designed to be adaptable, allowing companies to scale their office space as needed. Members benefit from all-inclusive monthly membership fees, which allow businesses to avoid the hassles of setting up and maintaining their own office spaces.

Portfolio and Market Presence

As of June 30, 2025, WeWork India had a portfolio of 114,077 desks across 68 Operational Centres, with a total Leasable Area of 7.67 million square feet. 94% of the company’s portfolio is located in Grade A developments across major Tier 1 cities such as Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai. The company is a dominant player in Bengaluru, which is one of the largest commercial office and flexible workspace markets in India and Asia.

Key Partnerships and Brand Strength

WeWork India benefits from strong associations: It is backed by the Embassy Group, one of India’s leading real estate developers with a portfolio of over 85 million square feet of commercial real estate. It has a global relationship with WeWork, the global leader in flexible workspaces, with access to 600 locations in 35 countries.

WeWork India’s association with Embassy Group provides access to large tenants who seek additional flexible office spaces and strengthens its position in the real estate market.

Member Base and Clientele

WeWork India caters to a diverse range of clients, including Fortune 500 companies, International and domestic corporations, Large enterprises, GCCs (Global Capability Centers), MSMEs (Micro, Small, and Medium Enterprises), Startups and Individual members

As of June 30, 2025, 75.67% of WeWork India’s Net Membership Fees came from Enterprise Members, with 65.93% of the revenue sourced from International Clients.

Objects of the WeWork India Management Ltd. IPO:

Company will not receive any proceeds from the Offer. All Offer Proceeds shall be received by the Selling Shareholder subsequent to the deduction of Offer-related expenses and applicable taxes, which shall be the responsibility of the Selling Shareholders.

WeWork India Management Ltd. IPO Details:

Open Date: Oct 03 2025
Close Date: Oct 07 2025
Total Shares: 4,62,96,296
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 3000 Cr.
Lot Size: 23 Shares
Issue Price: ₹ 615-648 Per Equity Share
Listing At: NSE,BSE
Listing Date: Oct 10 2025

Promoters And Management:

1. Jitendra Mohandas Virwani (Chairman & Non-Executive Director): A fellow of the Royal Institution of Chartered Surveyors, Jitendra has over 28 years of experience in real estate and property development. He is the Chairman and Managing Director of the Embassy Group, which includes Embassy Property Developments Private Limited, and is also a member of the Equestrian Federation of India. 2. Karan Virwani (Managing Director & CEO): holds a Bachelor's degree in Business Administration from the University of Kent and has over 10 years of experience in real estate and property development. He started his career with Lounge Hospitality LLP and later worked at Embassy Property Developments Private Limited. Karan has been recognized in Forbes 30 Under 30 Asia (2019), GQ's Most Influential Young Indians (2018), and BW's Best CEO of a Flex Space (2025). 3. Adnan Mostafa Ahmad (Non-Executive Nominee Director): holds a Bachelor of Arts in International Studies from Johns Hopkins University and has experience as a senior advisor at Yardi Systems, Inc. He previously worked with Willoughby Capital Holdings and Roystone Capital Management, bringing over two years of advisory experience.

Financials of WeWork India Management Ltd. IPO:

Particulars 3M FY2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 535.30 1,949.20 1,665.10 1,314.50
EBITDA (Cr) 335.4 1235.9 1043.7 795.6
EBITDA Margins 62.66% 63.41% 62.69% 60.52%
Adjusted EBITDA (Cr) 96.6 421.2 339.7 191.2
Adjusted EBITDA Margins (Cr) 18.05% 21.61% 20.40% 14.55%
PAT (Cr) -14.1 128.1 -135.7 -146.8
PAT Margins -2.59% 6.32% -7.82% -10.32%
ROCE 31.99% 37.52% 54.05% 30.32%
Debt to Equity Ratio(In Times) 2.05 1.54 -1.42 -1.66
Operating Cash Flows 322.7 1289.9 1161.8 941.8

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
We Work India Limited 1235.9 63.41% 6.32% 37.52% 1.54 8,684.70 67.80
Awfis Space Solutions Limited 1208 34% 5.63% 12.90% 3.08 4,075 81.5
Smartworks Coworking Limited 1374 62% -4.50% 6.97% 34.6 6,445 -
IndiQube Limited 1059 58% -13.22% 4.76% 23.5 4,824 -

Registrar of WeWork India Management Ltd. IPO:

  1. MUFG Intime India Private Limited

Discussion on WeWork India Management Ltd. IPO:

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