WeWork IPO Day 3: Issue booked 1.15x; check GMP, subscription status, review. Should you apply?

The initial public offering (IPO) for WeWork India Management Ltd saw a subscription of 13% on its second day of the share sale on Monday. WeWork IPO GMP today or WeWork India IPO GMP was ₹0, which meant shares were trading at their issue price of ₹648 with no premium or discount in the grey market according to investorgain.com.

WeWork India has successfully raised over ₹1,348 crore from anchor investors. The overall issue is worth ₹3,000 crore and will close on Tuesday. WeWork IPO price band has been set at ₹615-648 each, which values the company at approximately ₹8,685 crore at the upper end.

Established in 2017, WeWork India operates under an exclusive license of the WeWork brand, promoted by the Embassy Group, a Bengaluru-based real estate developer. Presently, WeWork India manages 77 lakh sq ft of space across major Tier-1 cities such as Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai. Of this, 70 lakh sq ft is operational, accommodating a desk capacity of 1.03 lakh. The company employs over 500 people.

WeWork IPO GMP today

WeWork IPO GMP today or grey market premium was ₹0, which meant shares were trading at their issue price of ₹648 with no premium or discount in the grey market according to investorgain.com.

Based on the grey market activities over the last seven sessions, the IPO Grey Market Premium (GMP) is showing a downward trend and is expected to drop further. Reports indicate that the lowest GMP recorded is ₹0.00, while the highest observed was ₹15, according to expert analysis.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

WeWork IPO Review

According to Anand Rathi Research, WeWork India’s strategy emphasizes deepening its presence in existing cities, expanding into high-demand micro-markets, and strengthening relationships with Large Enterprise Members, who accounted for 60.6% of Net Membership Fees in Q1 FY26. This strategic focus supports the company’s premium positioning and reduces price sensitivity among its client base. Additionally, WeWork India is committed to continuous innovation across its core, digital, and value-added offerings to enhance the member experience.

The company has achieved EBITDA positivity and is concentrating on profitability in the coming years. Considering these factors, Anand Rathi Research views the IPO as fully priced and recommends it with a “Subscribe – Long Term” rating.

Angel One has noted that at the upper price band of ₹648 for the IPO, WeWork India's post-issue price-to-earnings (P/E) ratio stands at 67.75x, reflecting a premium valuation. While the company is profitable and operates within the expanding flexible workspace sector, several factors contribute to uncertainty regarding returns. These include high fixed costs, revenue concentration, and inherent market risks. Consequently, Angel One has issued a “Neutral” recommendation on the IPO.

WeWork IPO Subscription status

WeWork IPO subscription status was 1.15x on day 3. The retail portion was subscribed 61%, and NII portion has been booked 23%, Qualified Institutional Buyers (QIBs) portion received 1.79x bids. The employee portion booked 1.87 times.

The company has received bids for 2,92,68,374 shares against 2,54,89,748 shares on offer, at 19:00 IST, according to data on BSE.

WeWork IPO details

The WeWork IPO represents a complete Offer for Sale (OFS) of up to 4.63 crore equity shares, with the promoter group entity Embassy Buildcon LLP and investor Ariel Way Tenant Ltd, affiliated with WeWork Global, selling portions of their stakes. The estimated value of the proposed IPO is approximately ₹3,000 crore at the upper price band.

Currently, the Embassy Group holds around 76.21% of WeWork India, while WeWork Global owns 23.45%. Since this issue is an Offer for Sale (OFS), WeWork India will not receive any proceeds from the issuance; instead, all funds raised will be directed to the selling shareholders.

JM Financial Ltd. serves as the book running lead manager, and MUFG Intime India Pvt. Ltd. acts as the registrar for the issue.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.