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₹648 - 648
Wework India Management Ltd
Co-WorkingIPO
₹648 - 648
Launched in 2017, we are, according to the CBRE Report, a leading premium flexible workspace operator in India, and have been the largest operator by total revenue in the past three Fiscals. We provide flexible, highquality workspaces to our customers which include companies of all sizes: large enterprises; small and mid-size businesses; startups; individuals. We lease primarily Grade A office space and, according to the CBRE Report, we design, build, and operate them as flexible workspaces per global standards(1). According to the CBRE Report, approximately 94% (7.07 million sqft) of our portfolio was in Grade A developments (June 30, 2025).
Lot23Min Invest₹14,904Face Value₹10Issue Size₹3,000 CrOffer for Sale₹3,000 CrCMP₹632
Timeline
3 Oct
Bidding opens
7 Oct
Bidding closes
8 Oct
Allotment
9 Oct
Refund & demat credit
10 Oct
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹3,000 Cr4.63 Cr shares
Offer for Sale₹3,000 Cr
Face Value₹10
Lot Size23 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retail₹14,9041-13 lots
sNII₹2,08,656from 14 lots
bNII₹10,13,472from 68 lots
Managers & Registrar
Lead ManagerJM Financial Ltd
Co-ManagerICICI Securities Ltd, Jefferies India Pvt Ltd, Kotak Mahindra Capital Company Ltd, 360 ONE WAM Ltd
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrEmbassy Buildcon LLPPRMTR3,54,02,7902,294.101 Ariel Way Tenant LimitedOTH1,08,93,506705.90Total4,62,96,2963,000.00
Shareholding
CategoryPre IPOPost IPOPromoter Group76.21%49.8%Public23.79%50.2%
Objects of the Issue
- Listing the equity shares on the stock exchanges
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 1,315 | 1,665 | 1,949 | 2,440 | 2,589 |
| Operating ProfitCr | 796 | 1,047 | 1,238 | 1,574 | 1,676 |
| OPM% | 60.5 | 62.9 | 63.5 | 64.5 | 64.7 |
| PBTCr | -147 | -133 | -155 | 53 | 63 |
| PATCr | -147 | -132 | 130 | 75 | 85 |
| EPS | -16 | -11 | 10 | 6 | 6 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 55 | 55 | 134 | 135 | - |
| ReservesCr | -347 | -635 | 66 | 163 | - |
| BorrowingsCr | 481 | 626 | 310 | 333 | - |
| Fixed AssetsCr | - | - | 4,313 | 5,777 | - |
| Total AssetsCr | 4,414 | 4,483 | 5,392 | 7,092 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 942 | 1,162 | 1,290 | 1,734 | - |
| Investing Cash FlowCr | -386 | -393 | -304 | -647 | - |
| Financing Cash FlowCr | -534 | -797 | -984 | -1,048 | - |
| Net Cash FlowCr | 22 | -29 | 3 | 39 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Strong brand recognition and leadership in India and international presence.
- Leadership in a rapidly growing market.
- Backed by the Embassy Group, one of India's top developers, and relationship with WeWork Global, a global flexible workspaces operator.
- Presence in Grade A properties in top-tier micro markets and strong relationships with top developers.
- One of the most extensive range of products and services in the industry.
- Consistently growing high-quality, diverse and "sticky" member base.
Strategies · as stated in the DRHP
- Continue to deepen our presence in existing cities and expand in key micro-markets with strong demand for flexible workspace solutions.
- Continue to focus on unit economics.
- Invest in new products and technology to diversify revenues through product innovation and inorganic expansion.
- Data backed and tech-based approach to expansion and improving margins.
Risks · as stated in the DRHP
- Proceedings had been initiated by the Enforcement Directorate against our Promoter and Chairman, Jitendra Mohandas Virwani in 2014 under the Prevention of Money Laundering Act, 2002 and any adverse outcome in this proceeding may adversely impact our business, reputation, financial condition and results of operations.
- Our Group Company, Embassy Office Parks Management Services Private Limited ("EOPMSPL") has received show cause notices under the Securities and Exchange Board of India Act, 1992 which may have adverse impact on our Company.
- One of our Promoters has pledged their Equity Shares with a security trustee under our promoter borrowing arrangements. Any exercise by lenders of such pledges would dilute the shareholding of the Promoters which may adversely affect our business and the share price of the Equity Shares.
- We will not receive any proceeds from the Offer for Sale portion.
- We have incurred net losses, had negative Restated Earnings / (loss) per equity share - Basic and negative Restated Earnings / (Loss) per equity share - Diluted in the three months ended June 30, 2025, the three months ended June 30, 2024, Fiscals 2024 and 2023 and had net decrease in cash and cash equivalents in the three months ended June 30, 2025, the three months ended June 30, 2024 and Fiscal 2024, and may continue to do so in the future. If we are unable to generate and sustain increased revenues while managing our expenses to achieve profitability, our business, results of operations, cash flows and financial condition may be adversely impacted.
- A downgrade in our credit rating could adversely affect our ability to raise capital in the future.