WeWork India IPO Day 3: Overall subscription still at 17%, GMP flat

WeWork India Ltd.'s three-day initial public offering (IPO) has received a subdued response so far, with only 17% of the ₹3,000 crore issue seeing subscription on the final day of bidding so far.

Investors have placed bids only for 42.7 lakh shares, compared to the 2.54 crore shares that are on offer during the IPO.

Of the 46.23 lakh shares allotted to retail investors, only 22.44 lakh shares have been subscribed for, so far. Retail investors could bid for one lot of 23 shares, coming up to a minimum investment of ₹14,904 per lot.

Meanwhile, qualified institutional buyers have bought 12.98 lakh of the total 1.38 crore shares allotted. Non-institutional investors (NIIs) have bought a total of 6.01 lakh shares of the 69.35 lakh allotted shares.

WeWork India shares were trading flat in the unlisted markets with a grey market premium, It must be noted that these are speculative rates and the actual listing could be very different from the grey market premium.

The ₹3,000 crore WeWork India IPO is a pure offer for sale (OFS) one, which means that the Indian entity will not receive any proceeds from the issue.

Its promoter Embassy Buildcon LLP is selling its shares in the IPO, with existing investor Ariel Way Tenant Ltd., a unit of WeWork International.

The allotment will be finalised on October 8 and the shares will list on the Bombay Stock Exchange and National Stock Exchange on Friday, October 10.

For the first quarter of financial year 2026, the company's revenue grew by 19.3% from last year to ₹535.3 crore, while net loss narrowed to ₹14.1 crore from ₹29.1 crore last year. Its adjusted EBITDA margin also narrowed to 18% from 21.7% last year.

WeWork India launched in 2017 as a flexible workspace operator. It now has 68 operational centres across the country, with a capacity of 1.14 lakh desks across eight cities. Bengaluru (46.1%) and Mumbai (23.93%), account for nearly 70% of the overall capacity.