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The Unfolding of India’s Flexible Workspace Giant: WeWork India IPO – Price Band, Dates, and Investor Deep Dive

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Get the essential details on the WeWork India IPO, opening Oct 3, 2025. Analyze the ₹615–₹648 Price Band, ₹3,000 Cr OFS, and the company’s remarkable financial turnaround. A must-read analysis for investors tracking the Flexible Workspace sector.

Executive Summary

The proposed Initial Public Offering (IPO) of WeWork India Management Limited (the “Company” or “WeWork India”) presents Indian investors with a deep-dive opportunity into the country’s leading premium flexible workspace operator by revenue (IPO Central, 29 Sep 2025, URL). Backed by the Bengaluru-based real estate conglomerate Embassy Group, the Company is undertaking a significant listing exercise. This IPO is structured as a 100% Offer for Sale (OFS) of up to 43,753,952 equity shares, meaning the Company itself will receive no proceeds from the issue; the entire fund flow will go to the selling shareholders (DRHP, Jan 2025, p.1; Equitymaster, 1 Oct 2025, URL).

A critical structural aspect for potential investors is that the offer is being made pursuant to Regulation 6(2) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (SEBI ICDR). This regulation, which governs certain public issues, is invoked because the Company does not fulfil the eligibility requirements under Regulation 6(1)(a), (b), and (c) relating to minimum net tangible assets, average operating profit, and net worth for the preceding three financial years (DRHP, Jan 2025, p.1). The Restated Financial Information confirms the Company maintained a negative Total Equity/Net Worth for all reporting periods up to FY2024 (DRHP, Jan 2025, p.233).

Financially, WeWork India has demonstrated a crucial operational turnaround. After reporting Restated Net Losses of ₹6,429.98 million (FY2022), ₹1,468.10 million (FY2023), and ₹1,357.73 million (FY2024), the Company has achieved profitability in the most recent reported period, posting a Restated Net Profit of ₹1,281.85 million for the full Fiscal Year 2025, alongside revenue from operations of ₹19,492.11 million (Fortune India, 30 Sep 2025, URL). However, a significant disclosure is the MISMATCH between the Restated Net Loss for FY2024 (₹1,357.73 million) presented in the DRHP financial summary and the Profit/Loss reported in the MCA filing data for the same year (₹757.84 million loss), highlighting the need for careful due diligence.

The core business model focuses on Grade A properties and derives a high percentage of its revenue from Large Enterprise Members (approximately 80% of business, as per CEO statements) (Fortune India, 30 Sep 2025, URL). Key risks include high fixed costs due to long-term leases, dependence on the licensing agreement with WeWork Global (which filed for Chapter 11 in the US in 2023) (Inc42, 13 Feb 2025, URL), and potential impact from regulatory proceedings involving promoter entities (Angel One, 1 Oct 2025, URL).

Top 3 Action Points for Indian Readers:

  1. Verify Regulatory Exception: Understand the implications of the IPO being under SEBI ICDR Regulation 6(2), specifically the multi-year history of negative net worth, and confirm the merchant banker’s rationale for proceeding (DRHP, Jan 2025, p.1).
  2. Scrutinise Profit Quality: Closely examine the Restated Financial Statements in the RHP/Prospectus to understand how the FY2025 profit was achieved, especially the contribution of operational earnings (EBITDA) versus non-operating/tax-related adjustments (Equitymaster, 1 Oct 2025, URL).
  3. Assess Valuation Multiples: Compare the implied post-issue valuation (P/E ratio of ~67.8x on FY2025 earnings) against the trading multiples and underlying financial health of listed Indian peers like Awfis (Value Research, 1 Oct 2025, URL; IPO Central, 29 Sep 2025, URL).

MANDATORY DISCLAIMER: “We are NOT SEBI registered. This analysis is prepared only for EDUCATION and LEARNING purposes. It is NOT investment or trading advice and should not be treated as a recommendation to buy or sell any security. This post may contain biases or subjective interpretations. Readers must perform their own due diligence before making any financial decision.”

Table of Contents

  • 1. Methodology & Sources
  • 2. Company Profile
  • 3. Business Model & Operations (Verified)
  • 4. Financial Summary (As Reported)
  • 5. Corporate Governance & Related-Party Transactions
  • 6. Risks & Red Flags (With Source Backing)
  • 7. Cross-verification / Mismatches
  • 8. Peer Comparison
  • 9. Public Perception & Media Check
  • 10. Actionable Steps for Indian Readers (Practical Checklist)
  • 11. FAQ (6–10 Qs)
  • 12. Conclusion & Re-stated Disclaimer
  • 13. Sources & Appendix

1. Methodology & Sources

This report is based on the critical principle of sourcing every factual claim explicitly from regulatory filings or cited public reporting. Data processing involved extracting key corporate, financial, and risk data points from the primary documents and cross-referencing these against publicly available news and analyst reports. Conflicting figures are explicitly labelled as MISMATCH.

Primary Source Materials

  • Draft Red Herring Prospectus (DRHP)
  • MCA Data Extract / Filing Snapshot

Secondary Sources (Publicly Cited)

All secondary sources were accessed via Google Search and are credited in the final “Sources & Appendix” section with full URLs. Key sources used include articles from The Hindu, The Economic Times, Business Standard, and analysis by firms like Value Research, Samco, and IPO Central, primarily referencing data from the Company’s final Red Herring Prospectus (RHP) and market commentary surrounding the IPO launch in late 2025.

2. Company Profile (from sources)

WeWork India Management Limited is positioned as the largest premium flexible workspace operator in India by total revenue for the last three financial years (BS, 1 Oct 2025, URL; Samco, 1 Oct 2025, URL).

  • Corporate Identity Number (CIN): U74999KA2016PLC093227 (DRHP, Jan 2025, p.1; MCA: JSON Data, FY2024).
  • Date of Incorporation: May 13, 2016 (MCA: JSON Data, FY2024). The Company was initially incorporated as “Halosaur Bengaluru Private Limited” (DRHP, Jan 2025, p.3).
  • Change in Name/Status: The name was changed to “WeWork India Management Private Limited” on April 4, 2017, and subsequently converted to a public limited company, becoming “WeWork India Management Limited,” on January 19, 2022 (DRHP, Jan 2025, p.3).
  • Registered Office: 6th Floor, Prestige Central, 36, Infantry Road, Shivaji Nagar, Bengaluru 560 001, Karnataka, India (DRHP, Jan 2025, p.1; MCA: JSON Data, FY2024).
  • Promoters & Directors:
    • Promoters: JITENDRA MOHANDAS VIRWANI, KARAN VIRWANI, and EMBASSY BUILDCON LLP (DRHP, Jan 2025, p.1).
    • Key Personnel: Karan Virwani (MD & CEO) is a key figure and Designated Partner in the Promoter Selling Shareholder, Embassy Buildcon LLP (DRHP, Jan 2025, p.590-592; Fortune India, 30 Sep 2025, URL).
  • Authorised Capital: ₹10,000,000,000 (₹1,000 crore) (MCA: JSON Data, FY2024).
  • Paid-up Capital: ₹1,340,232,590 (₹134.02 crore) (MCA: JSON Data, FY2024).

3. Business Model & Operations (Verified)

WeWork India operates under an exclusive license of the ‘WeWork’ brand in India and is majority-owned by the Embassy Group (The Hindu, 28 Sep 2025, URL). Its model is asset-light, focusing on leasing properties, performing high-quality fit-outs, and managing the space (Inc42, 13 Feb 2025, URL).

Products and Services

The Company offers a comprehensive suite of flexible workspace solutions (Samco, 1 Oct 2025, URL; BS, 1 Oct 2025, URL):

  • Private Offices and Coworking Spaces.
  • Enterprise Office Suites and Customised Managed Offices (tailored solutions for large clients).
  • Hybrid Digital Solutions and other value-added services.

Revenue Streams

The primary source of revenue is Membership Revenue (DRHP, Jan 2025, p.210). The Company accounts for operating leases under Ind AS 116 and revenue from digital products under Ind AS 115 (DRHP, Jan 2025, p.210).

  • The business model is driven by Total Contract Value (TCV), which stood at ₹43,061 million as of June 30, 2025 (Samco, 1 Oct 2025, URL).

Key Customers/Markets

WeWork India strategically targets large corporate clients (BS, 1 Oct 2025, URL).

  • Enterprise Focus: Large Enterprise Members accounted for approximately 60% of Net Membership Fees in the first half of Fiscal Year 2025 (H1 FY2025) (DRHP, Jan 2025, p.251). CEO statements suggest that nearly 80% of the business now comes from enterprises, including Fortune 500 companies (Fortune India, 30 Sep 2025, URL).
  • Geographic Footprint: Operations are spread across major Tier-1 cities, including Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai (The Hindu, 28 Sep 2025, URL).
  • Real Estate Quality: Approximately 94% of the portfolio (7.07 million sq. ft.) as of June 30, 2025, was located in Grade A properties (BS, 1 Oct 2025, URL).
  • Operational Scale: The Company managed 77 lakh sq ft of space, with 70 lakh sq ft operational, and a desk capacity of 1.03 lakh as of the RHP filing period (The Hindu, 28 Sep 2025, URL).

Manufacturing/Fulfillment Footprint

The Company’s model is service and real estate management, not manufacturing. The core fulfillment footprint is the network of 68 operational centres across eight cities (Angel One, 1 Oct 2025, URL). WeWork enters into long-term fixed-cost lease agreements (average lease tenure about 8.5 years) with landlords, typically having a rent escalation of 12-15% every 3 years (Equitymaster, 1 Oct 2025, URL).

4. Financial Summary (as reported)

WeWork India has shown consistent revenue growth but historically faced challenges in converting operating efficiency into bottom-line profitability due to high fixed lease costs.

Historical Financial Performance Trend (Restated, in ₹ Million)

The table below presents the restated financial information for the Company as reported in the DRHP and subsequent RHP filings referenced by public sources.

Particulars (₹ Million)H1 FY2025 (Sep 30, 2024) [DRHP]FY2024 (Mar 31, 2024) [DRHP]FY2023 (Mar 31, 2023) [DRHP]FY2022 (Mar 31, 2022) [DRHP]FY2025 (Full Year) [Public Sources/RHP]
Revenue from Operations9,181.86 (DRHP p.233)16,651.36 (DRHP p.233)13,145.18 (DRHP p.233)7,844.35 (DRHP p.233)19,492.11 (Equitymaster, 1 Oct 2025, URL)
EBITDA5,813.03 (DRHP p.233)10,437.91 (DRHP p.233)7,956.10 (DRHP p.233)4,064.23 (DRHP p.233)12,360.00 (Samco, 1 Oct 2025, URL)
Restated Profit / (Loss) for the year1,745.72 (Profit) (DRHP p.233)(1,357.73) (Loss) (DRHP p.233)(1,468.10) (Loss) (DRHP p.233)(6,429.98) (Loss) (DRHP p.233)1,281.85 (Profit) (Fortune India, 30 Sep 2025, URL)

(Note: The full-year FY2025 figures are based on the latest RHP figures cited in public reports, whereas the detailed DRHP provided covered the period up to H1 FY2025. This table combines data from both primary and secondary sources, with distinct citations.)

Balance Sheet Summary (in ₹ Million)

Particulars (₹ Million)H1 FY2025 (Sep 30, 2024) [DRHP]FY2024 (Mar 31, 2024) [DRHP]FY2023 (Mar 31, 2023) [DRHP]FY2022 (Mar 31, 2022) [DRHP]
Total Assets50,683.54 (DRHP p.233)44,827.61 (DRHP p.233)44,140.17 (DRHP p.233)39,723.06 (DRHP p.233)
Total Equity / Net Worth(2,597.69) (Negative) (DRHP p.233)(4,376.45) (Negative) (DRHP p.233)(2,923.69) (Negative) (DRHP p.233)(1,547.33) (Negative) (DRHP p.233)
Borrowing / Net Debt5,694.41 (DRHP p.233)4,323.14 (DRHP p.233)3,851.30 (DRHP p.233)2,637.04 (DRHP p.233)
  • Cash & Cash Equivalents: Detailed figures not readily extractable from the DRHP summary table (DRHP, Jan 2025, p.233). UNVERIFIED. The reader must check the full Cash Flow Statement within the RHP.

Key Financial Takeaways

  • Turnaround: The Company successfully shifted from a negative Total Equity/Net Worth position in FY2024 to a positive Net Worth of ₹200 crore in FY2025 (Fortune India, 30 Sep 2025, URL; Value Research, 1 Oct 2025, URL).
  • EBITDA Strength: The company’s EBITDA margins have consistently been high (63.41% in FY2025), driven by its premium pricing model and cost control (Samco, 1 Oct 2025, URL).
  • Debt: Net Debt has increased over the period, reaching ₹5,694.41 million in H1 FY2025 (DRHP, Jan 2025, p.233). The Debt-to-Equity ratio has improved to 0.65 in FY2025 due to the positive net worth reported for that year (IPO Central, 29 Sep 2025, URL).

5. Corporate Governance & Related-Party Transactions

Corporate Governance

Information on board composition, independent directors, and committee structure must be pulled directly from filings (DRHP, Jan 2025).

  • Board Composition/Committees: Detailed composition of the Board of Directors, including the number of Independent Directors, composition of the Audit Committee, Stakeholders’ Relationship Committee, and Nomination and Remuneration Committee is necessary. UNDISCLOSED / NOT FOUND in the provided snippets.
  • Verification Step: Check the “Statement of Corporate Governance” section and the “Board of Directors” section of the full DRHP/RHP to ascertain the exact structure and compliance with SEBI Listing Regulations.

Related-Party Transactions (RPTs)

The relationship with the Embassy Group is fundamental, creating a structural RPT framework.

  • Promoter Group Transactions: The Company benefits significantly from its parentage, including access to marquee buildings in Embassy Group’s real estate portfolio (Samco, 1 Oct 2025, URL).
  • Leasing from Group Entities: As of June 30, 2025, the Company leased two centres from the Embassy Group and ten centres from Embassy REIT, a group entity (Samco, 1 Oct 2025, URL).
  • Verification Step: The full DRHP/RHP contains a dedicated section on “Related Party Transactions” detailing the terms, value, and nature of all dealings with the Embassy Group and WeWork Global. Investors must verify that these transactions are conducted on an arm’s-length basis.

6. Risks & Red Flags (with source backing)

Investors must be aware of several high-priority risks detailed in the filings and media reports:

  1. SEBI ICDR Regulation 6(2) Trigger (Regulatory):
    • Risk: The Company has not fulfilled the requirements under SEBI ICDR Regulation 6(1) for net tangible assets, average operating profit, and net worth for the preceding three Fiscals (DRHP, Jan 2025, p.1).
    • Verbatim Quote: The offer is being made pursuant to Regulation 6(2) of the SEBI ICDR Regulations, as our Company does not fulfil requirements under [Regulation 6(1)] (DRHP, Jan 2025, p.1).
  2. Negative Historical Net Worth (Financial):
    • Risk: Despite achieving a positive net worth in FY2025, the Company had negative total equity for the three financial years leading up to the IPO. Negative net worth indicates accumulated losses exceed share capital and reserves (DRHP, Jan 2025, p.233).
    • Source Backing: Total Equity was negative in FY2022, FY2023, and FY2024 (DRHP, Jan 2025, p.233).
  3. Dependence on WeWork Global Brand License (Operational/Brand):
    • Risk: The Company uses the WeWork brand under an exclusive license from the global parent, WeWork Inc., which filed for Chapter 11 bankruptcy protection in the United States in November 2023 (Inc42, 13 Feb 2025, URL). Any disruption to this relationship or negative brand perception from global events could impact Indian operations (Equitymaster, 1 Oct 2025, URL; Inc42, 13 Feb 2025, URL).
  4. High Fixed Costs from Long-Term Leases (Operational/Financial):
    • Risk: The business model relies on long-term fixed-cost lease agreements with landlords (average lease tenure of 8.5 years) with rent escalations (12-15% every 3 years). This leads to high fixed costs and exposure to rent hikes irrespective of occupancy levels (Equitymaster, 1 Oct 2025, URL).
    • Source Backing: As of June 30, 2025, WeWork has entered into long-term fixed-cost lease agreements with landlords covering approximately 7.35 million square feet (BS, 1 Oct 2025, URL).
  5. Promoter Pledging (Corporate Governance):
    • Risk: A portion of the promoters’ equity shares has been pledged with a security trustee as part of their borrowing arrangements. Lenders exercising these pledges could reduce promoter shareholding (BS, 1 Oct 2025, URL).
    • Verification Step: Check the “Promoters and Promoter Group” section of the RHP for the exact percentage of pledged shares.
  6. Regulatory Proceedings against Promoters/Group Companies (Regulatory/Reputational):
    • Risk: Potential negative effects could arise from a SEBI show-cause notice issued to a group company, Embassy Office Parks Management Services Private Limited, under the SEBI Act, 1992 (BS, 1 Oct 2025, URL). Furthermore, there are regulatory proceedings initiated by the Enforcement Directorate against Promoter and Chairman, Mr. Jitendra Mohandas Virwani, under the Prevention of Money Laundering Act, 2002 (Angel One, 1 Oct 2025, URL).
    • Action for Reader: The outcome of these proceedings could impact the company’s reputation and operations, requiring continuous monitoring.
  7. No Fresh Capital Raised (Strategic):
    • Risk: Since the IPO is a pure OFS, the company will not receive any fresh funds. This limits the company’s ability to invest for growth or reduce existing debt using the IPO proceeds (Equitymaster, 1 Oct 2025, URL).

7. Cross-verification / Mismatches

A significant discrepancy was found when cross-verifying the MCA filing data (snapshot) with the Restated Financial Information presented in the DRHP (DRHP, Jan 2025).

Mismatch ComponentStatement A (Source)Statement B (Source)Importance & Treatment
FY2024 Net Loss (Profit After Tax)(₹1,357.73 million) Loss (DRHP, Jan 2025, p.233) – Restated Financial Information(₹757.84 million) Loss (MCA: JSON Data, FY2024) – MCA Filing Data (PROF_LOS_11_14_C)MISMATCH (Significant). This substantial difference of ~₹600 million (60 crore) must be treated cautiously. The DRHP Restated Financials often reflect adjustments required by Ind AS (Indian Accounting Standards) for IPO purposes, such as Ind AS 116 for leases, which can significantly alter the reported profit/loss from the Audited Standalone/Consolidated statements filed with the MCA. Readers must rely on the Restated Financial Information in the RHP for investment analysis but must acknowledge the discrepancy with statutory filings.
FY2024 Total Revenue₹16,651.36 million (DRHP, Jan 2025, p.233) – Restated Financial Information₹16,616.26 million (MCA: JSON Data, FY2024) – MCA Filing Data (TOT_TURNOVER)MISMATCH (Minor). The difference is small (approx. ₹35 million) and likely due to rounding or minor accounting reclassifications during the restatement process. This is less critical but confirms the need to use the DRHP Restated figures for consistency.

8. Peer Comparison

The flexible workspace sector in India is highly competitive. Based on public reports referencing the RHP and industry analysis, key domestic peers include Awfis Space Solutions, Smartworks Coworking Spaces, and IndiQube Spaces (IPO Central, 29 Sep 2025, URL).

Key Metrics Comparison (FY2025, in ₹ Million unless noted)

MetricWeWork India (Source)Awfis (Source)Smartworks (Source)IndiQube (Source)
Revenue (₹ Mn)19,492 (IPO Central, 29 Sep 2025, URL)12,080 (IPO Central, 29 Sep 2025, URL)13,740 (IPO Central, 29 Sep 2025, URL)10,590 (IPO Central, 29 Sep 2025, URL)
EBITDA Margin (%)63.4% (IPO Central, 29 Sep 2025, URL)33.3% (IPO Central, 29 Sep 2025, URL)62.4% (IPO Central, 29 Sep 2025, URL)58.2% (IPO Central, 29 Sep 2025, URL)
Net Margin (%)6.6% (IPO Central, 29 Sep 2025, URL)5.4% (IPO Central, 29 Sep 2025, URL)(4.5%) (Loss) (IPO Central, 29 Sep 2025, URL)(12.7%) (Loss) (IPO Central, 29 Sep 2025, URL)
D/E Ratio0.65 (IPO Central, 29 Sep 2025, URL)3.08 (IPO Central, 29 Sep 2025, URL)34.6 (IPO Central, 29 Sep 2025, URL)23.5 (IPO Central, 29 Sep 2025, URL)
P/E Ratio (Implied)67.8x (Value Research, 1 Oct 2025, URL)81.5x (IPO Central, 29 Sep 2025, URL)NA (Loss-making)NA (Loss-making)

Comparative Analysis

  • Scale and Profitability: WeWork India is the largest by revenue among the listed Indian peers (IPO Central, 29 Sep 2025, URL). Along with Awfis, it is one of the few players to achieve a positive bottom line in FY2025 (IPO Central, 29 Sep 2025, URL).
  • Operational Efficiency: WeWork India’s EBITDA Margin of 63.4% is significantly higher than the industry average of 44.99%, demonstrating premium pricing power and strong operating leverage (Samco, 1 Oct 2025, URL).
  • Financial Strength: The Debt-to-Equity (D/E) ratio of 0.65 for WeWork India is substantially lower than its listed peers, indicating a significantly stronger balance sheet (IPO Central, 29 Sep 2025, URL).
  • Valuation: WeWork India’s implied valuation at the upper price band (P/E of 67.8x) is considered high, though slightly lower than the most comparable profitable peer (Awfis) (Value Research, 1 Oct 2025, URL). [INFERENCE]: The high P/B ratio (41.62x in FY2025) is an artefact of the low book value after restructuring and accumulated historical losses, which should normalise as profits are sustained (IPO Central, 29 Sep 2025, URL).

9. Public Perception & Media Check

Public and media coverage surrounding the WeWork India IPO in late 2025 has been largely focused on the company’s financial turnaround and the context of its global parent’s troubles.

  • Financial Turnaround Focus: News reports consistently highlight the Company’s successful shift to profitability in FY2025 (Net Profit of ₹128.18 crore) after three years of losses (ET, 30 Sep 2025, URL; Fortune India, 30 Sep 2025, URL). This aligns with the Restated Financial data showing positive momentum in H1 FY2025 (DRHP, Jan 2025, p.233).
  • OFS Structure: Media is clear that the ₹3,000 crore IPO is a pure Offer for Sale, with no fresh issue component (The Hindu, 28 Sep 2025, URL). This is confirmed by the DRHP (DRHP, Jan 2025, p.1). The proceeds are set to go to the selling shareholders: Promoter group firm Embassy Buildcon LLP and investor 1 Ariel Way Tenant Ltd (The Hindu, 28 Sep 2025, URL).
  • Global Parent Context: Reports acknowledge that the WeWork India story is distinct from its US-based parent, which underwent Chapter 11 bankruptcy (Inc42, 13 Feb 2025, URL). CEO Karan Virwani is quoted as saying the business is now self-sustaining and generating sufficient cash for expansion, justifying the OFS structure (Fortune India, 30 Sep 2025, URL).
  • Valuation Debate: Analyst commentary suggests a cautious approach due to the high valuation multiples (P/E of 65.26x) compared to key industry metrics and the fact that the recent profit might be partly driven by tax adjustments (Samco, 1 Oct 2025, URL). This contrasts with the Company’s high operating efficiency metrics.

10. Actionable Steps for Indian Readers (Practical Checklist)

This checklist outlines concrete steps for an Indian investor/trader to perform due diligence before making any decision.

  1. Download the Final RHP: Access the official Red Herring Prospectus (RHP) from the SEBI website (under the “Public Issues” section) or the Stock Exchange (BSE/NSE) website. Do not rely solely on news reports (UNVERIFIED).
  2. Verify SEBI ICDR 6(2) Compliance: In the RHP, confirm the specifics of the eligibility criteria under Regulation 6(2), including the Net Worth calculation and the risk disclosures around this exemption (DRHP, Jan 2025, p.1).
  3. Cross-Check Promoter Records on MCA: Use the Corporate Identity Number (CIN: U74999KA2016PLC093227) on the official MCA website portal (MCA: V3) to download key statutory filings like Form AOC-4 (Financial Statements) and MGT-7 (Annual Return) for the last three years to verify the financials and the list of directors and charges (MCA: JSON Data, FY2024).
  4. Scrutinise the Cash Flow Statement: Locate the Restated Cash Flow Statement in the RHP. Check the Net Cash from Operating Activities to determine if the reported profit is truly backed by cash generation or is primarily an accounting profit (UNVERIFIED).
  5. Identify Pledged Shares: Check the “Promoters and Promoter Group” section in the RHP to confirm the exact percentage and value of promoter equity shares that are currently pledged (BS, 1 Oct 2025, URL).
  6. Assess License Risk: Examine the “Risk Factors” section in the RHP for details on the brand licensing agreement with WeWork Global, including termination clauses and renewal terms (Equitymaster, 1 Oct 2025, URL).
  7. Ask Questions to Promoters (via public forum/analyst call): Questions to ask include: “What is the long-term strategy for reducing Net Debt?” and “How will the company mitigate the risk of regulatory proceedings against group entities/promoters?” (Angel One, 1 Oct 2025, URL).

11. FAQ (6–10 Qs)

Q1. What does it mean that the IPO is a pure Offer for Sale (OFS)? A: A pure OFS means that only existing shareholders (in this case, Embassy Buildcon LLP and 1 Ariel Way Tenant Ltd) are selling their shares (The Hindu, 28 Sep 2025, URL). WeWork India Management Limited will not receive any capital for use in its operations or expansion (DRHP, Jan 2025, p.1).

Q2. Why is WeWork India listing under SEBI ICDR Regulation 6(2)? A: The Company failed to meet the standard listing requirements under Regulation 6(1) of the SEBI ICDR Regulations, specifically the minimum net tangible assets and net worth requirements for the preceding three years, due to accumulated losses (DRHP, Jan 2025, p.1; DRHP p.233).

Q3. Did WeWork India report a profit in FY2025? A: Yes. After reporting Restated Net Losses in the preceding three fiscals, the Company reported a Restated Net Profit of ₹1,281.85 million for the full Fiscal Year 2025, indicating a significant financial turnaround (Fortune India, 30 Sep 2025, URL).

Q4. What is the biggest risk related to the global WeWork entity? A: The main risk is the Company’s dependence on the exclusive license of the ‘WeWork’ brand from WeWork Global, which filed for bankruptcy in the US in late 2023. Any negative brand perception or termination of the license agreement could severely affect operations (Inc42, 13 Feb 2025, URL; Equitymaster, 1 Oct 2025, URL).

Q5. How leveraged is the company compared to its peers? A: WeWork India is one of the least leveraged among its peers, with a significantly lower Debt-to-Equity ratio of 0.65 in FY2025, compared to some peers whose D/E ratios are above 20 (IPO Central, 29 Sep 2025, URL).

Q6. What is the role of the Embassy Group? A: Embassy Group is the primary promoter, holding about 76.21% before the IPO, and provides key operational support, including access to marquee buildings in its Grade A portfolio (The Hindu, 28 Sep 2025, URL; Samco, 1 Oct 2025, URL).

Q7. Is the recent profit sustainable? A: UNVERIFIED. The sustainability of the FY2025 profit requires verification through the Restated Cash Flow Statement to confirm that the profit is backed by strong operating cash flows and not solely by one-time or tax-related accounting gains (Samco, 1 Oct 2025, URL).

Q8. Where can I find the CIN and registered address? A: The Corporate Identity Number (CIN) is U74999KA2016PLC093227. The Registered Office is at 6th Floor, Prestige Central, 36, Infantry Road, Shivaji Nagar, Bengaluru 560 001, Karnataka, India (DRHP, Jan 2025, p.1; MCA: JSON Data, FY2024).

12. Conclusion & Re-stated Disclaimer

WeWork India Management Limited has successfully demonstrated an operational turnaround, achieving positive net worth and Restated Net Profit in Fiscal Year 2025, underpinned by strong revenue growth and industry-leading EBITDA margins, primarily driven by its focus on premium Grade A assets and large enterprise clients.

However, prospective Indian investors must carefully weigh the company’s recent financial progress against persistent risks. These include the long history of negative net worth which necessitates listing under SEBI ICDR Regulation 6(2), the structural dependence on the licensed ‘WeWork’ brand, the high fixed-cost lease model, and the reputational risks associated with ongoing regulatory proceedings against promoter entities. The significant mismatch in FY2024 profit/loss reported between the MCA data and the DRHP Restated Financials also underscores the need for deep, independent financial scrutiny.

Prudent investors must conduct thorough due diligence, focusing not just on top-line growth and recent profit figures but also on the underlying quality of earnings, cash flow generation, and the long-term stability of the corporate and promoter structures.

MANDATORY DISCLAIMER (Verbatim): “We are NOT SEBI registered. This analysis is prepared only for EDUCATION and LEARNING purposes. It is NOT investment or trading advice and should not be treated as a recommendation to buy or sell any security. This post may contain biases or subjective interpretations. Readers must perform their own due diligence before making any financial decision.”

13. Sources & Appendix

Sources (Enumerated, Clickable List)

  1. Primary Source: Draft Red Herring Prospectus (DRHP) for WeWork India Management Limited. File: 1738668603856_679.pdf. Version/Date: January 31, 2025.
  2. Primary Source: Ministry of Corporate Affairs (MCA) Data Extract. File: wework.json. Data Snapshot: FY2024.
  3. Secondary Source: The Hindu. “WeWork India to float ₹3,000-crore IPO on October 3.” Published: September 28, 2025. [URL: https://www.thehindu.com/business/Industry/wework-india-to-float-3000-crore-ipo-on-october-3/article70104687.ece]
  4. Secondary Source: The Economic Times. “IPO-bound WeWork India narrows loss to Rs 14 crore in Q1, revenue rises 19%.” Published: September 30, 2025. [URL: https://m.economictimes.com/tech/startups/ipo-bound-wework-india-narrows-to-rs-14-14-crore-loss-in-q1-revenue-rises-19/articleshow/124231805.cms]
  5. Secondary Source: Business Standard. “WeWork India IPO: Rapid growth, hidden risks; what investors should know.” Published: October 1, 2025. [URL: https://www.business-standard.com/markets/ipo/wework-india-ipo-key-risks-strengths-what-investors-should-know-125100100553_1.html]
  6. Secondary Source: Upstox News. “WeWork India IPO: Here is how the global working giant’s India unit stack up against its peers.” Published: September 29, 2025. [URL: https://upstox.com/news/market-news/ipo/we-work-india-ipo-here-is-how-the-global-working-giant-s-india-unit-stack-up-against-its-peers/article-182154/]
  7. Secondary Source: Equitymaster. “WeWork India Announces Price Band For IPO; Check Key Dates and More.” Published: October 1, 2025. [URL: https://www.equitymaster.com/detail.asp?date=10/1/2025&story=2]
  8. Secondary Source: Fortune India. “From startups to Fortune 500 giants: WeWork India CEO Virwani sees flexible office surge amid tariff turmoil.” Published: September 30, 2025. [URL: https://www.fortuneindia.com/markets/ipo/from-startups-to-fortune-500-giants-wework-india-ceo-virwani-sees-flexible-office-surge-amid-tariff-turmoil/127135]
  9. Secondary Source: Value Research. “WeWork India IPO: Should you apply?” Published: October 1, 2025. [URL: https://www.valueresearchonline.com/stories/226400/wework-india-ipo-should-you-apply/]
  10. Secondary Source: Samco. “WeWork India IPO Date, Price, Review, Details.” Published: October 1, 2025. [URL: https://www.samco.in/knowledge-center/articles/wework-india-ipo-check-ipo-date-lot-size-price-details/]
  11. Secondary Source: Angel One. “WeWork India IPO Set to Open on Oct 3: Key Risk Factors You Should Know.” Published: October 1, 2025. [URL: https://www.angelone.in/news/ipos/wework-india-ipo-set-to-open-on-oct-3-key-risk-factors-you-should-know]
  12. Secondary Source: IPO Central. “WeWork India Vs Awfis Vs Smartworks Vs IndiQube.” Published: September 29, 2025. [URL: https://ipocentral.in/wework-india-vs-awfis-vs-smartworks-vs-indiqube/]
  13. Secondary Source: Inc42. “Flexible Work, Fixed Returns? Breaking Down WeWork India & IndiQube’s Public Listings.” Published: February 13, 2025. [URL: https://inc42.com/features/flexible-work-fixed-returns-breaking-down-wework-india-indiqubes-public-listings/]

Appendix of Raw Tables Used

A. Financial Summary (Restated, in ₹ Million) – Extracted from DRHP (p.233)

Particulars (₹ Million)H1 FY2025 (Sep 30, 2024)FY2024 (Mar 31, 2024)FY2023 (Mar 31, 2023)FY2022 (Mar 31, 2022)
Revenue from Operations9,181.8616,651.3613,145.187,844.35
Restated P/(L) for the year1,745.72 (Profit)(1,357.73) (Loss)(1,468.10) (Loss)(6,429.98) (Loss)
Total Assets50,683.5444,827.6144,140.1739,723.06
Total Equity(2,597.69)(4,376.45)(2,923.69)(1,547.33)
Net Debt5,694.414,323.143,851.302,637.04

B. MCA Data Extract (FY2024) – Extracted from wework.json

FieldValue (INR)
Authorised Capital10,000,000,000 (₹1000 crore)
Paid-Up Capital1,340,232,590 (₹134.02 crore)
Total Charges (Loans)14,310,743,585 (₹1,431.07 crore)
TOT_TURNOVER (Revenue)16,616,260,000 (₹1,661.63 crore)
PROF_LOS_11_14_C (Profit/Loss)(757,840,000) (₹75.78 crore Loss)

MANDATORY DISCLAIMER: “We are NOT SEBI registered. This analysis is prepared only for EDUCATION and LEARNING purposes. It is NOT investment or trading advice and should not be treated as a recommendation to buy or sell any security. This post may contain biases or subjective interpretations. Readers must perform their own due diligence before making any financial decision.”

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