WeWork India has secured the approval of the Securities and Exchange Board of India (SEBI) to proceed with its Initial Public Offering (IPO), marking a key development in the country’s co-working sector. The IPO, which is structured entirely as an Offer for Sale (OFS), will allow the promoters to monetise their existing investments as the company seeks to leverage favourable market conditions amid a surge in demand for flexible office spaces.
The market regulator issued its observation letter on July 8, confirming that WeWork India Management Ltd can go ahead with the public offering. The Bengaluru-based company had submitted its Draft Red Herring Prospectus (DRHP) in February 2025.
WeWork India is operated under the exclusive licensing rights of the global ‘WeWork’ brand by Embassy Group, a major Indian real estate player. The company was established in 2017 and has since grown to become a significant operator in India’s managed office segment.
According to details disclosed in the DRHP, the IPO will consist of the sale of up to 4.37 crore equity shares. Embassy Buildcon LLP, a promoter group firm, will offload up to 3.34 crore shares, while 1 Ariel Way Tenant Ltd—a part of WeWork Global—will divest up to 1.02 crore shares. Since the offering is structured as an OFS, the company itself will not receive any funds from the public issue.
The public offering comes at a time when India’s top seven cities are witnessing record demand for commercial and flexible workspace solutions. Co-working operators, including Smartworks and Awfis, are actively exploring public listings to raise capital for expansion. Smartworks’ own IPO, worth ₹583 crore, was recently subscribed over 13 times.
WeWork India has made notable financial progress in recent quarters. While the company posted a net loss of ₹135.83 crore in the full 2023–24 fiscal year, it turned profitable in the first half of the 2024–25 fiscal, recording a net profit of ₹174.13 crore on a total income of ₹960.76 crore during the April–September 2024 period. Total revenue in FY24 stood at ₹1,737.16 crore.
The DRHP states that the primary objective of the IPO is to facilitate the listing of the company’s equity shares, providing liquidity for existing shareholders and creating a public market for the shares in India. The listing is also expected to enhance the company’s visibility and brand perception.
Embassy Group currently holds a 76.21% stake in WeWork India, while WeWork Global owns 23.45%. The global parent company had earlier infused $100 million into the Indian operations in June 2021. More recently, in January 2025, WeWork India raised ₹500 crore via a rights issue to reduce debt and support further expansion.
The company operates flexible workspace solutions tailored to enterprises, startups, and individual professionals. Its model involves leasing large areas of Grade A office space from developers, followed by the design, fit-out, and operation of co-working environments. The portfolio spans 7.7 million square feet, of which approximately 7 million sq ft is already functional. The operational desk capacity has crossed 1.03 lakh.
WeWork India is currently present in key Tier 1 cities including Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai. With over 500 employees, the company manages multiple large-format centres across central business districts and tech corridors.
The broader context of the IPO includes a significant uptick in corporate demand for hybrid and flexible work arrangements. According to industry estimates, managed workspace solutions have grown substantially over the past two years, with developers and operators witnessing consistent absorption of new inventory. Market analysts also note that flexibility, shorter lease tenures, and managed services are drawing large enterprises toward co-working operators.
Other firms in the sector, including Awfis and EFC (India) Ltd, are already listed and have seen investor interest driven by the long-term prospects of this model in India’s commercial real estate sector. WeWork India’s IPO may be seen as a bellwether for how the market continues to value asset-light but service-heavy office providers amid broader shifts in corporate leasing.
The upcoming listing will be closely watched, both for investor response and for what it signals about the maturity of India’s co-working sector. With a substantial operational base and a growing client mix, WeWork India is positioning itself to compete not just with peers in the co-working space but also with traditional office leasing models.
In the next phase, the company is expected to intensify focus on enhancing its profitability metrics and scaling operations in underpenetrated urban markets. Its ability to balance occupancy rates, rental yields, and operational costs will be critical as it transitions into a publicly listed entity
Image source- wework.co.in
