WeWork India shares fall after listing around their issue price of ₹648

Shares of WeWork India management Ltd., the flexible workspace operator in India, are set to debut on the exchanges today, after its ₹3,000 crore initial public offering received a tepid response from shareholders.

The stock began trading at ₹650 per share, which is nearly the same level as its issue price of ₹648. The stock subsequently declined from its issue price.

The IPO managed to see full subscription on the final day of bidding courtesy of institutional investors. The overall subscription figure stood at 1.15 times the shares on offer.

The portion reserved for Qualified Institutional Bidders (QIBs) stood at 1.79 times, and was the only portion, other than the existing employees, that managed to see full subscription.

On the flip side, the portion reserved for non-institutional investors and retail participants did not manage to see full subscription. Non-institutional investors placed bids for only 23% of the total number of shares reserved for them, while the retail subscription figure stood at 61%.

Eligible employees saw a subscription figure of 1.87 times the total shares reserved for them.

WeWork India had sold shares in a price band of ₹615 to ₹648 per share, as part of its ₹3,000 crore issue.

According to reports, shares of WeWork India were trading flat in comparison to their issue price, according to the Grey Market Premium (GMP) figures. However, it must be noted that these are speculative reports and the actual listing price could differ from what the GMP rates indicate.