Shares of WeWork India, coworking space provider today’s flat debut for on the BSE.  The BSE listed the shares for INR 646.5, which was only below the INR 648 issue price.

The shares opened at INR 650 on the NSE, marginally above the issue price.

For 10:15 IST, the shares were trading on the BSE for INR 627.90, 3.1% below the issue price.

The market capitalization of the company was INR 8,396.56 Cr, or around $945.7 million.

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On October 7, the company’s initial public offering (IPO) closed with a 1.15X oversubscription.  Out of the 2.54 Cr shares available, bids for 2.92 Cr shares were received for the public offering.

There were offers of 1.11 lakh shares versus 59,523 shares available, making the employees’ portion the most oversubscribed.  Retail investor bidding closed at 61%, while the portion designated for qualified institutional buyers (QIBs) was oversubscribed 1.79X.

Whiteoak Capital, Goldman Sachs, Nippon India, ICICI Prudential, HDFC Mutual Fund, Aditya Birla Sun Life Trustee, Susquehanna Pacific Pty Ltd, Motilal Oswal, and Societe Generale were among the anchor investors who helped WeWork India raise INR 1,348.3 Cr prior to the IPO.

The only equity shares included in WeWork’s public offering were an OFS of 4.62 Cr.  Of these, Ariel Way Tenant sold 1.08 Cr shares, and the promoter group Embassy Buildcon LLP sold 3.54 Cr shares.

The promoters and their group own 49.8% of the business after the IPO.

At first, WeWork India was the Indian branch of WeWork Inc., a coworking space company based in the United States.  But in 2023, the main company experienced a bankruptcy bump.  In the meantime, WeWork India was expanding on its own, with the Embassy Group owning the remaining 27% of the business and the US corporation owning just 27%.

In terms of finances, the coworking space company was able to reduce its net loss from INR 29.2 Cr in the first quarter of the current fiscal year (Q1 FY26) to INR 14.1 Cr, a 51% decrease.  From INR 448.7 Cr in Q1 FY25 to INR 535.3 Cr in the reviewed quarter, its revenue increased by 19%.