Wework India IPO day 2: Check GMP, subscription status and important details. Do you have to invest?

Wework India’s RS 3000-Crore Initial Public Offer (IPO) started its second subscription day on Monday. By the end of day 1, the IPO saw a modest reaction, with only 4% of the total issue subscribed. Bids were received for 11.12 Lakh shares from the shares offered of 2.54 crore.

In the Gray Market, the proportion of the share was considerably assumed. The Gray Market Premium (GMP) is now only 0.77% above the issue price, at an earlier premium of 2.76%. Although GMP can offer a rough indication of the expected list performance, it is unofficial and very fleeting.

The IPO is purely an offer that is for sale by existing promoters and investors, with a price band on RS 615 – RS 648 per share. The issue will be closed on October 7 and Wework India is expected to be mentioned on both the NSE and BSE, with a provisional list date of 10 October.

Wework India IPO subscription status

The Wework India IPO witnessed a lukewarm start on day 1, with a general subscription of only 4%, according to data from the BSE.

Retail individual investors (RIIS) showed modest interest and subscribed to 14% of the 46.23 Lakh shares reserved for them – which indicates an early traction among private participants.

Non-institutional investors (NIIs), including Hoognet-Neither private individuals and companies, subscribed to only 2% of their assigned 69.35 Lakh shares, which has reflected a limited involvement so far.

Qualified institutional buyers (QIBS), which often arrive closer to the last day, also made bids for only 2% of the 1.38 crore shares that were assigned to them.

The first reaction suggests a cautious attitude of investors, and it is still to be seen whether the momentum will build as the IPO progresses.

Wework India IPO GMP today

In the gray market, the shares of Work India are traded with a premium of RS 5, or 0.77%, above the issue price of RS 648. This implies a potential listing price of approximately RS 653, which reflects a mild investor optimism in unofficial pre-listing transactions.

Wework India IPO overview: offer structure and timeline

The IPO from Wework India consists of 4.62 equity shares, which merges into a total issue of RS 3,000 crore. Since the entire number is for sale (OFS), the company does not receive funds from the IPO. The shares are discharged by existing shareholders, including the Embassy Group and Wework Global, who continues to perform and both a brand lecture and investor in the Indian company.

For retail investors, the minimum bid is one plot (23 shares), which costs RS 14,904 at the top of the price band. The maximum retail application is off to 13 parties or RS 1.93 Lakh.

The IPO is open for subscription on October 3, 2025 and will close on October 7, 2025. The provisional allocation date is Wednesday 8 October, while the list is expected on Friday 10 October 2025, both on the NSE and BSE.

The company

Wework India was founded in 2017 and is the leading supplier of premium flexible workplaces in the country. It operates 68 centers for 7.35 million square meters in eight large cities. The customer base includes best global companies such as JP Morgan, Amazon and Uber. Enterprise customers are approximately 60% of the tenant portfolio – considerably above the sector average.

Financially the company has seen a strong change. The turnover increased from RS 1,314 Crore in FY23 to RS 1,949 Crore in FY25. The profit after the tax improved considerably, waving from an RS 147 crore loss in FY23 to an RS 128 Crore win in FY25. Adapted EBITDA -MARGES were also strengthened and reached 21.6% in FY25.

At the top price band, the IPO is valued at 65 times its FY25 income. For comparison, AWFIS space acts on a p/e of 58, while colleagues such as SmartWorks and Indiqube make a loss.

Analyst views

Analysts remain divided over the appreciation of the IPO. Canara Bank Securities has given a ‘subscribe’, but noted that the offer seems to have a premium compared to colleagues from the industry. The brokerage, however, acknowledged that WeWork India’s strong brand conservation, operational scale and recent returns on profitability gives credibility to the investment case.

Khushi Mistry, an analyst at Bonanza, noted: “The IPO shows the successful turning point of WeWork India and its leading position in the coworking segment. Although growth prospects look promising in the long term, risks are still linked to market volatility and lease lending lenders.”

Prospect

According to estimates from the industry, the flexible workspace market of India is expected to grow with a CAGR of 21-22% via FY27. With around 25% market share and a clear focus on company customers, WeWork India seems to be well placed to take advantage of this trend. Nevertheless, potential investors must carefully take into account the increased valuation and cyclical nature of the sector before they make a decision.

((Indemnification: Recommendations, suggestions, views and opinions of the experts are their own. These do not represent the views of economic times)