Flexible workspace operator, Shares of WeWork India Management get listed on Dalal Street today

Shares of WeWork India Management Ltd got listed today, October 10, 2025, on the NSE and BSE. The upper price band was Rs 648 per share. On BSE, the shares are listed at Rs 632 per share and on NSE, the shares are listed at Rs 650 per share.

The IPO comprises an Offer for Sale (OFS) of up to Rs 3,000 crore by the selling shareholders, Embassy Buildcon LLP (the majority promoter) and 1 Ariel Way Tenant Ltd. Crucially, the company itself will receive no proceeds from the issue. WeWork India operates flexible workspaces across eight Tier-1 cities under an exclusive brand license, leveraging the Embassy Group's backing. The portfolio covers approximately 1.17 to 1.20 lakh seats across 65–68 centres as of March 31, 2025.

WeWork India’s financials demonstrate strong revenue growth (21.77 per cent CAGR, FY23–FY25) and improving EBITDA margins, with the company achieving net profitability in FY25 (Net Profit: Rs 128.19 crore). At the upper price band, the valuation stands at a P/E of 67.75x and EV/EBITDA of 7.50x (based on FY25 earnings).

This EV/EBITDA multiple is lower than that of its only listed peer, Awfis Space Solutions (10.60x), suggesting a relatively reasonable valuation on an EV basis, although the P/E multiple is still elevated. The company's high lease liabilities and sensitivity to occupancy/ARPM remain key risk factors.

Disclaimer: The article is for informational purposes only and not investment advice.