KuberGrow Team WeWork India, the country’s leading flexible workspace provider backed by the Embassy Group, has taken a big step toward going public. The company has officially filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).
This IPO will be a complete offer-for-sale (OFS), meaning that existing shareholders will sell 43.7 million equity shares. Unlike some IPOs where companies raise fresh funds for expansion, this one won’t bring in any new capital for WeWork India itself. Instead, all the money raised will go to the selling shareholders.
The majority of shares will come from Embassy Buildcon LLP, the company’s promoter, which plans to offload 33.4 million shares. Another significant chunk—10.3 million shares—will be sold by 1 Ariel Way Tenant, a UK-based investor. Right now, Embassy Buildcon LLP owns 76.21% of WeWork India, while 1 Ariel Way Tenant holds 23.45%.
Despite being a relatively young player in the industry since launching in 2017, WeWork India has quickly become the country’s largest flexible workspace operator by revenue for three years in a row. The company runs 59 centers in eight major cities—Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai—offering nearly 95,000 desks across 6.48 million square feet of office space.
Financially, the company has had its ups and downs. In the 2024 fiscal year, it reported a loss of ₹135.8 crore, but revenue climbed by 26.7% to ₹1,665.1 crore. Encouragingly, in just the first half of the 2025 fiscal year, WeWork India turned things around, reporting a profit of ₹174.6 crore on revenue of ₹918.2 crore.
The flexible workspace industry in India is heating up, with competition from players like Awfis Space Solutions, which recently went public. This signals a growing demand for co-working spaces as businesses and professionals seek more adaptable office solutions.
Leading investment banks—including JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital Company, and 360 ONE WAM—are managing the IPO. Unlike some companies that offer pre-IPO placements to select investors before hitting the stock exchanges, WeWork India has decided to skip that step and go straight to the market.
With the filing now in place, all eyes are on WeWork India as it moves closer to a potential stock market debut. Investors and industry watchers will be keen to see how this IPO shapes up in an increasingly competitive workspace industry.
