WeWork India stock price: Office space operator sees muted market listing; shares drop 4%

WeWork India Management, the operator of co-working spaces, made a muted entry on the stock markets on Friday. The shares opened at Rs 650 on the NSE, a slight 0.31% above the issue price, but later dipped 3.84% to Rs 623.10. On the BSE, it began trading at Rs 646.50, 0.23% the issue price.The IPO, priced between Rs 615 and Rs 648 per share and worth Rs 3,000 crore, received moderate interest, closing 1.15 times subscribed on the final day of bidding. Prior to the public issue, the company had already raised over Rs 1,348 crore from anchor investors, PTI reported.The sale involved up to 4.63 crore equity shares, with promoter Embassy Buildcon LLP and WeWork Global’s Ariel Way Tenant Ltd offloading part of their stakes. In its filing, the company said the listing aims to enhance visibility, provide liquidity to existing shareholders, and establish a public market for its stock in India.The firm, founded in 2017, runs spaces across Tier-1 cities including Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai. It currently manages 77 lakh sq ft of office space, 70 lakh sq ft of which is operational, with a total desk capacity of 1.03 lakh and a workforce of over 500 employees.