Shares of WeWork India fell as much as 5.2% on Friday, valuing the flexible workspace operator at Rs 82.32 billion ($927.3 million), as investors stayed wary of its steep valuation and governance risks.
The stock last traded at Rs 634.4, below its offer price of Rs 648.
The listing comes at a busy time for India’s primary market. On Thursday, LG Electronics India was bid 54.02 times, becoming the most subscribed billion-dollar IPO in nearly two decades, while Tata Capital’s IPO drew bids worth $1.24 billion and was subscribed 1.95 times.
WeWork India, which licenses its brand from its now-bankrupt US namesake WeWork Global, raised about $213.7 million and its IPO was subscribed 1.15 times, driven largely by institutional bids.
Beyond a crowded IPO market, WeWork India faces deeper challenges – from corporate governance concerns to questions over its ability to sustain operations and fund expansion amid slowing demand and rising competition from leaner, profitable rivals.
Corporate governance firm InGovern warned investors of WeWork India’s fragile financials, negative cash flow, high lease liabilities, and the absence of fresh capital infusion.
WeWork India did not immediately respond to a request for comment.
The company operates flexible offices across eight major Indian cities, competing with peers such as Smartworks Coworking Spaces, which has gained 35% since its July debut, and IndiQube Spaces, which fell 15% after listing but has since recovered to trade 4% higher.
Smartworks has a market capitalisation of 68.9 billion rupees, while IndiQube is valued at 47.6 billion, according to exchange data.
WeWork India’s weak debut comes amid a historic year for India IPOs. More than 240 large and mid-sized firms raised $10.5 billion in the first nine months of 2025, making India the world’s third-largest IPO market, according to LSEG data.
