The IPO, as detailed in the DOD, will be an offer for sale (OFS) comprising up to 43,753,952 equity shares. The OFS will see Embassy Buildcon LLP, the promoter selling shareholder, offload 33,458,659 shares, while 1 Ariel Way Tenant Limited, an investor selling shareholder, will offer 10,295,293 shares. No fresh issuance of shares is planned, meaning the proceeds will go directly to the selling shareholders.
“The firm expects to raise anywhere between Rs 3000 crore and Rs 4000 crore and will start the road show soon considering the abeyance has been lifted,” said a person aware of the fund raise.
Wework India did not reply to ET queries.
The lifting of the abeyance status comes after a period of regulatory pause during which SEBI likely sought clarifications or additional disclosures. While SEBI did not provide detailed reasons for the earlier abeyance in the public domain, such actions are often undertaken when a company’s draft documents require closer scrutiny due to operational complexity, sectoral challenges, or disclosure standards.
As per the Securities and Exchange Board of India (SEBI)’s July 4, 2025 update, the company’s Draft Offer Document (DOD) has been moved out of abeyance and is now pending final observations from the market regulator. “Now back on track, WeWork India awaits SEBI’s final observations — the last step before it can proceed with the IPO launch and red herring prospectus filing,” said another person.Founded as a joint venture between WeWork Global and Bengaluru-based Embassy Group, WeWork India has emerged as the largest co-working space operator by total revenue over the past three fiscal years, according to CBRE. WeWork India is currently operational across eight cities including Chennai, New Delhi, Gurgaon, Noida, Mumbai, Bengaluru, Pune and Hyderabad. Its portfolio includes over 100,000 desks across its 68 flexible workspace centres in these cities.
Despite global volatility in the flexible workspace sector — especially after the bankruptcy filing of its U.S.-based counterpart WeWork Inc. in 2023 — WeWork India has remained relatively resilient. The company operates independently from its global namesake, with local leadership and Embassy Group ownership playing a crucial role in its financial and operational stability.
According to market experts, the timing of the IPO comes amid renewed investor interest in commercial real estate-linked business models, particularly those focused on asset-light operations and scalable tech-enabled platforms.
“Demand for premium, agile office solutions continues to grow among startups and enterprises alike. The recently planned public listing could further institutionalize the flex space segment and set a benchmark for other operators eyeing scale and capital. With India’s Grade-A office absorption rebounding this segment is well-positioned to tap into both occupier demand and investor interest,” said Sankey Prasad, chairman & managing director, Middle East & India at Colliers.
The IPO is being managed by a consortium of leading investment banks. JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital, and 360 ONE WAM are acting as Book Running Lead Managers (BRLMs) to the issue. Their role will be instrumental in marketing the IPO to institutional and retail investors alike.
Pending SEBI’s final approval, WeWork India will file its Red Herring Prospectus (RHP) and launch a roadshow to engage with potential investors. Market sources suggest the IPO could hit the markets as early as September 2025, subject to market conditions and final regulatory clearance.
If successful, this IPO will mark one of the largest public issues in the co-working space sector in India. It will also serve as a test for investor appetite in flexible workspace operators, especially at a time when hybrid work models continue to shape the future of commercial real estate.
