WeWork India Management (WEWO.NS) successfully closed its $338 million IPO on the final day of bidding, driven primarily by institutional investors, while retail participation remained cautious due to its premium valuation.
- The IPO values WeWork India at 86.85 billion rupees (~$978.5 million) at the top of its price band.
- Comparatively, recently listed peers IndiQube Spaces and Smartworks Coworking Spaces debuted at 44.13B and 52.96B rupees, respectively.
- The IPO was a full offer for sale of 46.3 million shares, attracting bids worth 18.97B rupees. Institutional buyers subscribed 1.79x their quota, while retail investors subscribed 0.61x.
- The shares are expected to list on BSE and NSE on October 10.
The subscription highlights strong confidence from institutional investors in the domestic co-working space, despite cautious retail sentiment over high valuations and tight margins.