Co-Working IPO Rush: Awfis, Smartworks Already Listed; IndiQube, WeWork India Next

India’s co-working and managed office space segment is witnessing an unprecedented surge, transitioning from being startup-centric to becoming the preferred workspace solution for large enterprises and hybrid teams. This rapid evolution has ignited a wave of IPOs, investor interest, and growth opportunities for major players.

Rising IPO Wave in Co-Working

The co-working sector has become the hottest listing category in 2025, outpacing other startup-driven industries like fintech, e-commerce, and travel tech.

Awfis kicked off the trend in May 2024 with its IPO, raising ₹599 crore and riding a strong revenue trajectory, growing from ₹257 crore in FY22 to ₹1,208 crore in FY25, with a 47% YoY revenue surge in Q4 FY25 and an eight-fold jump in profits.

Smartworks followed with a blockbuster debut in July 2025, raising ₹583 crore. With revenues growing from ₹711 crore in FY23 to ₹1,374 crore in FY25, its enterprise-first model has struck a chord with large corporations. Both firms now trade comfortably above their IPO issue prices, signaling robust investor confidence.

IndiQube is next in line, having filed its RHP for a ₹700 crore IPO. Backed by WestBridge, the firm posted a 27% revenue jump to ₹1,059 crore in FY25 while cutting losses by 59% to ₹139.5 crore, positioning itself as another promising contender.

More Players Joining the Race

WeWork India, operated under a franchise by Embassy Group, has secured SEBI approval for a pure offer-for-sale IPO, further intensifying the market buzz. TableSpace is aiming for a $2.5 billion valuation with its upcoming IPO, having surpassed $100 million in revenue in 2024.

Meanwhile, DevX raised $7 million in 2024 to fund its expansion, while other names like Bhive, Stylework, and Incuspaze are also gearing up for public listings. Even Oyo, through its Workflo brand, is pushing into this growing space.

Why Co-Working Is Winning?

Flexible pricing, scalability, and the booming real estate sector have supported co-working’s rise, while strong investor interest continues to fuel growth. Unlike traditional real estate firms, co-working players command higher valuations due to brand-driven models and recurring revenue streams.

However, challenges remain, brand loyalty has been hard to establish, leading many successful companies to expand through acquisitions rather than solely building new spaces. Cost efficiency remains the core focus as the market continues to mature.

Also Read: Upcoming IPOs This Week: 5 Mainboard and 6 SME IPO Set to Open!

Conclusion

With a slew of IPOs, expanding enterprise demand, and the entry of global and domestic heavyweights, India’s co-working sector is on a transformative path.

While still evolving, the segment offers massive opportunities for seasoned players capable of leveraging public markets for growth, potentially reshaping India’s commercial real estate landscape.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.