The rapidly growing flexible workspace sector in India is abuzz with IPO activity. WeWork India IPO is the latest to join the race, drawing comparisons with peers like Awfis, Smartworks, and IndiQube. Understanding their differences in financials, client base, and operating scale is essential for investors seeking long-term value in this space.
WeWork India controls 7.67 million sq. ft. across 8 top cities. With mature centre occupancy at 81.23% and FY25 membership fees at ₹1,686.38 crore, the company demonstrates strong demand and operational efficiency.
Long term leases and partnerships with institutional landlords ensure real estate stability, while focusing on high end properties secures premium positioning. Its enterprise-heavy client base builds revenue visibility, and technology investments offer seamless user experiences through digital platforms.
WeWork India’s IPO, scheduled between October 3–7, 2025, with a ₹615–₹648 price band and a ₹2,847 crore to ₹3,000 crore OFS, marks a pivotal moment in its profitable turnaround. With 68 centres and 1.09 lakh desks, it has an 83% occupancy and 75% revenue from large enterprises, providing a stable revenue model.
In FY25, WeWork reported ₹1,949 crore in revenue and a net margin of 6.6%. Its ₹9.87 EPS and 63.8% RONW highlight financial strength unmatched by peers.
Awfis leads in network size with 208 centres and 1.34 lakh seats, but yields a lower RONW of 14.8%. Smartworks has the largest desk capacity (1.83 lakh) and expansive leasable area (8.99 msf), yet operates at a loss with –₹6.18 EPS. IndiQube follows a hub-and-spoke model with 105 centres, topping 85% occupancy, but shows a –₹7.65 EPS and is highly leveraged.
Read More: WeWork India Set to Launch ₹3,000 Crore IPO on October 3!
WeWork India maintains a conservative 0.65 debt-to-equity ratio compared to Smartworks' 34.6 and IndiQube's 23.5. The P/E of 65.6x appears justified when compared with Awfis at 81.5x, especially considering WeWork’s superior margins and capital efficiency. Liquidity remains a concern sector-wide with sub-1 current ratios, though WeWork’s enterprise client contracts provide cashflow visibility.
Operationally, Awfis has diversified across Tier 1 and 2 cities, but its SME-heavy portfolio contrasts with WeWork’s corporate dominance. Smartworks’ large campuses struggle with conversion from scale to profit. WeWork balances scale, occupancy and premium clientele, using Grade A properties to support sustained yields and long-term contracts.
Among the listed flexible workspace providers, WeWork India offers a robust mix of profitability, client quality, and financial discipline. While valuation metrics are elevated across the industry, WeWork’s metrics stand out for stability and growth clarity, potentially making it the most viable listing in this space.
Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or 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 securities are subject to market risks. Read all related documents carefully before investing.
Published on: Oct 1, 2025, 2:24 PM IST
Team Angel One
We're Live on WhatsApp! Join our channel for market insights & updates
Get the link to download the App
