WeWork India Share Price: WeWork India Management Ltd, the co-working space operator backed by Embassy Group, made its market debut on Friday, listing at Rs 632 per share on the exchanges.
The price is slightly below the upper end of the IPO price band of Rs 615–Rs 648, valuing the company at around Rs 8,685 crore.
At the listing price, the stock opened flat, slipping by Rs 16 or 2.47 per cent to trade at Rs 632, compared to the issue’s upper price band.
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The performance reflects a cautious start for the highly anticipated IPO of the country’s largest flexible workspace provider.
WeWork India Investor Response
WeWork India’s Rs 3,000-crore initial public offering (IPO) had received moderate investor response. The issue was subscribed 1.15 times by the close of bidding, with strong support from institutional investors.
The Qualified Institutional Buyers (QIBs) portion was subscribed to 1.79 times, while retail investor participation remained lukewarm at 61 per cent subscription. Non-institutional investors subscribed to just 23 per cent of their allotted quota.
The company had raised over Rs 1,348 crore from anchor investors ahead of the IPO launch, with participation from marquee domestic and global funds.
The public issue was structured as an offer for sale (OFS) of 4.63 crore equity shares. Promoter entity Embassy Buildcon LLP and investor 1 Ariel Way Tenant Ltd, a part of WeWork Global, divested their holdings in the process.
Since the IPO was entirely an OFS, WeWork India itself did not receive any proceeds; the listing primarily aims to provide liquidity to existing shareholders and create a public market for the stock.
WeWork India Company Profile
Founded in 2017, WeWork India holds the exclusive licence of the global WeWork brand in the country and is promoted by Bengaluru-based Embassy Group.
The company has grown rapidly in the last seven years, managing 77 lakh sq. ft of workspace across Tier-1 cities such as Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai.
Of this, 70 lakh sq. ft is operational, supporting a desk capacity of over 1.03 lakh. The firm employs more than 500 people.
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WeWork India: What Should Investors Do Now?
Market expert Anil Singhvi had earlier cautioned that the IPO was suitable only for risk-taking investors. “The issue got a weak response with only 1.15 times subscription. We advised only risk-taking investors to apply for the long term or consider buying post listing,” he said.
He further noted that the listing was expected to be “near or slightly below the issue price of Rs 648,” which has played out in line with expectations. For strategy, Singhvi suggested that short-term investors should keep a suitable stop loss below the IPO price, while risk-taking long-term investors can hold on to the stock.
