WeWork India IPO: Check IPO Date, Lot Size, Price & Details

Introduction:

The company provides flexible, high-quality workspaces to its customers (who it refer to as members) which include companies of all sizes: large enterprises, small and mid-size businesses, startups, as well as individuals. It offers flexibility to members by providing adaptable terms that allow companies to scale their workspace as their needs evolve. As at June 30, 2025, its portfolio comprised 114,077 desks across 68 Operational Centres with an aggregate Leasable Area for Operational Centres of 7.67 million square feet. Its amenitized and technologically integrated workspaces come with shared amenities including meeting rooms, event spaces, printing, mail and packaging, wellness rooms and recreational spaces. It provides 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.It operates in India’s key office markets – Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai.

It offers a comprehensive mix of flexible workspace solutions, including a mix of custom designed buildings, floors and offices, enterprise office suites, customized managed offices, private offices, co-working spaces, and hybrid digital solutions. It has added new products over time based on changing client needs and evolving demand in flexible workspace industry. Its value-added services include customization of office spaces, parking, event spaces, advertising, food and beverage services and office infrastructure services. It offers an array of self serve online products such as WeWork On Demand (day passes for select WeWork India and WeWork Global locations), WeWork All Access (monthly membership global access), Virtual Office (business address services) and WeWork Workplace.

It is majority owned and promoted by Embassy Group. According to the CBRE Report, Embassy Group is a leading real estate developer in India which has a portfolio of more than 85 million square feet of commercial real estate and the sponsor of Embassy REIT, India’s first REIT and Asia’s largest office REIT by leasable area. According to the CBRE Report, it is one of the few flexible workspace operators in India backed by a major real estate developer. Its relationship with Embassy has provided us with an inherent understanding of the corporate real estate industry in India.

IPO Details:

Objectives of Issue:

Since the entire issue is for offer for sale , no proceeds would be received by the company

Key Strengths:

• Backed by Embassy Group
  It is majority owned and promoted by Embassy Group. According to the CBRE Report, Embassy Group is a leading real estate developer in India. Embassy Group has over 30 years of experience in the real estate development business and, according to the CBRE Report, has a portfolio of more than 85 million square feet of real estate in India. It benefit significantly from Embassy Group’s parentage, including through access to marquee buildings in Embassy Group’s portfolio of office space. As at June 30, 2025, it leased two Centres totaling 0.20 million square feet in one city from Embassy Group. In addition, it leased ten Centres, totaling 1.16 million square feet in three cities from Embassy REIT. Access to Embassy Group’s portfolio of large tenants that seek additional, flexible workspace. Access to other top developers which provides us access to their portfolio assets. Access to Embassy Group’s strong execution capabilities and facility management services.  Access to Embassy Group’s financing sources and relationships.  Access to Embassy Group’s supply chains and vendor relations.

• Extensive Range of Products and Services
  According to the CBRE Report, it is one of the most extensive range of products and services in the flexible workspace industry in India, offering a wide variety of flexible workspace solutions including enterprise office suites, customized managed offices, private offices, co-working spaces, hybrid digital solutions and offering flexible lease terms that range from pay-per-use options to long-term contracts in our amenitized and technologically integrated Centres. According to the CBRE Report, it offer high quality workspaces by designing, building, and operating them to global standards. Its members have the flexibility to scale their workspaces up and down as needed, and the ability to use space by the day, by the month or for multiple years, with the ability to book office space seamlessly through the WeWork app.

• Sticky Member Base
  As at June 30, 2025, it had 87,247 Members. Its comprehensive product suite in Grade A buildings in prime markets and its focus on customer experience helps it attract a wide-set of marquee tenant including large enterprises, MNCs, startups and individuals. It have been successful in generating new business from existing members. 45.39%, 55.76%, 51.79%, 57.84% and 34.50% of its desks sold, which does not include renewals, in the three months ended June 30, 2025 and 2024, and in Fiscals 2025, 2024 and 2023 respectively came from existing members who have upgraded with the company. It has continuously expanded its Total Contract Value – Net Membership Fees, with a CAGR of 32.46% from Fiscal 2023 to Fiscal 2025. Its Total Contract Value – Net Membership Fees was ₹43,061 million, ₹31,965 million, ₹40,889 million, ₹30,332 million and ₹23,305 million as at June 30, 2025, June 30, 2024, March 31, 2025, March 31, 2024 and March 31, 2023 respectively

Risks:

• High Geographic Concentration Risk
  A large portion of its Clients have taken a lease for more than 300 desks, often across multiple Centres and cities across India, and 40.59%, 38.42%, 39.91%, 35.56% and 33.81% of its Net Membership Fees for the three months ended June 30, 2025 and 2024, and for Fiscals 2025, 2024 and 2023, respectively, was generated from members with over 300 desks. Additionally, it may not be able to successfully identify or source new Clients with such workspace requirements at favorable commercial terms or at all. There may not be enough Clients with large workspace  requirements to take up its managed offices.

• Hybrid Work Uncertainty
  The COVID-19 pandemic reshaped how companies view office requirements. Many corporates shifted to hybrid models, combining remote and in-office work. While this has boosted demand for flexible workspaces in the short to medium term (as enterprises reduce large, fixed office commitments and opt for scalable, managed solutions), the long-term outlook is less certain. If enterprises increasingly adopt remote-first models or downsize their office footprints permanently, the structural demand for commercial office spaces (and by extension, flexible workspaces) may decline. Hence, while hybrid work has created opportunities, the risk is that it could eventually cap overall demand for physical office spaces, leading to higher churn, lower occupancy, and pressure on margins if structural demand weakens.

• Reliance on WeWork Global Brand and License
  WeWork India operates under an exclusive licensing arrangement with WeWork International Limited for the use of the “WeWork” brand, trademarks, and related intellectual property. This association with a globally recognized brand has enabled the company to establish a strong market position in India’s flexible workspace sector. However, this reliance also creates significant risks. Any negative developments at the global parent level—such as financial distress, governance controversies, reputational challenges, or operational disruptions—could spill over to WeWork India and adversely affect member perception, even if the domestic operations remain unaffected. Furthermore, the company’s continued ability to use the WeWork brand is contingent upon the licensing agreement, which may be subject to renewal or changes in commercial terms. Termination or non-renewal of this license would materially impair WeWork India’s brand equity and its ability to attract and retain members. In addition, certain operational standards, technology platforms, and processes are linked to the global WeWork ecosystem, increasing dependency on the parent entity. Consequently, the company’s performance is closely tied to the stability, reputation, and strategic direction of WeWork Global.

Financial Snapshot

KPI comparison with Industry Peers

Conclusion

The commercial real estate segment in India appears promising, supported by strong demand from both domestic enterprises and global capability centers. The company is well-positioned to benefit from this growth opportunity. However, from a financial perspective, its revenue growth has lagged behind the industry average, although its EBITDA margins are comparatively stronger. Within the sector, most peers continue to post losses, with only one peer reporting profitability in the previous year. The company’s occupancy levels across mature and new centers are marginally better than industry averages, but its desk capacity expansion has trailed the broader sector. On the valuation front, while a key peer trades at a P/E multiple of 59, the company is currently available at a higher multiple of 65. Given that the sector is highly capital-intensive—where a significant portion of earnings is absorbed by depreciation and interest costs—and considering that the company has reported profits primarily due to tax adjustments, we believe it is prudent to adopt a cautious approach. At this stage, we recommend investors avoid subscribing to the IPO and wait until the company demonstrates consistent profitability.