WeWork India Management IPO received a weak response so far on its final day of bidding, garnering just a 28 per cent subscription, amid filed against the company, its directors and promoters by enforcement agencies.
At 12.33 pm, qualified institutional buyers (QIBs) had subscribed 0.30 times, retail investors 0.49 times, while non-institutional investors (NIIs) showed a tepid response at 0.09 times.
According to BSE data, investors placed bids for 71 lakh shares against the total issue size of 2.54 crore shares on offer.
The company mobilised over ₹1,348 crore from anchor investors. The ₹3,000-crore IPO at a price band of ₹615–648 per share, will close today, October 7.
The offering is entirely an OFS of up to 4.63 crore equity shares, through which promoter group entity Embassy Buildcon LLP and investor Ariel Way Tenant Ltd (part of WeWork Global) will sell a portion of their holdings.
From an investor’s perspective, the offer highlights promoters’ intent to offload part of holdings rather than raise fresh capital is perceived as a governance concern.
Reports suggest that a petition has been filed in the Bombay High Court challenging the ongoing IPO, alleging serious lapses in the company’s offer documents. The court has scheduled the next hearing of the case for October 8, 2025, and has sought SEBI’s response to the allegations.
The court ruling will have an impact on the stock listing.