WeWork India IPO: Should you apply?

Summary: WeWork India, a flexible workspace operator, is set to go public. Though a known name in the flexible workspace market, the company grapples with various risks. We analyse the company’s strengths, weaknesses and past track record to help you decide if you should subscribe to its IPO. The WeWork India Management IPO (initial public offering) will open for subscription on October 3, 2025 and close on October 7, 2025. The workspace operator aims to raise Rs 3,000 crore entirely through an offer for sale (OFS). Here is a summary of the company’s business, financials, strengths, risks and valuation to help you make an informed investing decision. What the company does WeWork India, launched in 2017, is a leading provider of premium flexible workspaces in India. The company caters to enterprises, SMEs (small and medium enterprises), startups and individuals by offering high-quality, serviced workspaces. As of June 2025, its portfolio stood at 1.14 lakh desks across 68 centres, covering 7.67 million square feet. With a presence in Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi and Chennai, WeWork India has played a significant role in shaping the country’s flexible office market. Track record and valuation Regarding its financials, WeWork India has seen a steady growth in its revenue, growing at nearly 22 per cent from FY23 to FY25. Its earnings before interest and tax (EBIT) also surged by 63 per cent during the same period. However, the company reported losses for two consecutive fiscals, turning profitable only in FY25. At the upper end of the price band (Rs 648), the stock is expected to be valued at nearly 68 times its FY25 earnings and 44 times its book value. By contrast, WeWork India’s peers trade at a P/E of almost 54 times and a P/B of 9 times, signalling that the company is significantly overvalued. WeWork India IPO details Total IPO size (Rs cr) 3,000 Offer for sale (Rs cr) 3,000 Fresh issue (Rs cr) - Price band (Rs) 615-648 Subscription dates October 3-7, 2025 Purpose of issue Offer for sale (OFS) Post-IPO M-cap (Rs cr) 8,685 Net worth (Rs cr) 200 Promoter holding (%) 49.8 Price/earnings ratio (P/E) 67.8 Price/book ratio (P/B) 43.5 Financial history Key financials 2Y CAGR (%) FY25 FY24 FY23 Revenue (Rs cr) 21.8 1,949 1,66