Stock to Buy: is back in the spotlight soon after its initial public offering (IPO) last month as major brokerages turned bullish on the flexible workspace operator, projecting a potential rally of up to 48% from current levels. After Jefferies initiated coverage on the firm last week, ICICI Securities has also turned positive, despite the stock still trading below its issue price. The upbeat commentary comes amid rising demand for premium co-working spaces and strong operational momentum across India’s top metros.
ICICI Securities Sees WeWork at ₹914
ICICI Securities initiated coverage on WeWork India with a ‘Buy’ rating and a target price of ₹914, implying a significant 48% upside from Friday’s close ( ₹618.85). The brokerage highlighted rising adoption of flexible workspaces and the company’s strong backing from the Embassy Group as key pillars of long-term growth.
“We believe WeWork India remains one of the most premium and well-positioned operators in the country’s flex-space ecosystem,” ICICI Securities said in its report. The brokerage pointed out that as of September 2025, WeWork India operated 114,500 desks across 7.7 million sq ft, with a total capacity of 144,800 seats across 10 million sq ft, including spaces under letters of intent. Notably, 94% of its desks are housed in Grade A properties, reinforcing the brand’s premium positioning.
ICICI Securities expects same-store revenue per seat to rise by around 4% over FY25–28, in line with broader industry trends. The bulk of future revenue expansion, it noted, will be driven by new seat additions, projected to grow at a 21% CAGR. The brokerage added, “Any pricing and rental cost efficiencies the company achieves post FY25 represent upside risks to our margin estimates.”
Backed by the —one of India’s largest real estate developers with more than 85 million sq ft of commercial assets—WeWork India is also the country’s exclusive licensee of the global WeWork brand.
Jefferies Turns Optimistic With ₹790 Target
Earlier last week, also initiated coverage on WeWork India with a ‘Buy’ rating and a target price of ₹790, an upside potential of 28%. The brokerage said strong office demand and accelerated flex-space adoption would help WeWork India add 15,000–20,000 seats annually over the next three years, compared with 109,600 seats as of March 2025.
Jefferies highlighted improving operating leverage as a major driver of earnings expansion. “We expect EBITDA to grow at a 28% CAGR between FY25 and FY28, supported by maturing centres and stronger pricing,” the brokerage said. It also sees average revenue per member rising 5–6% annually, further boosting margins.
Jefferies noted that the flexible workspace industry in India is growing at a 17% CAGR, nearly double the pace of traditional office spaces. In its base case, the brokerage expects WeWork India to report a 20% revenue CAGR and 22% EBITDA CAGR between FY25–28. Its valuation is based on a 15x Sep 2027 EV/EBITDA multiple, translating into the ₹790 target.
The brokerage also offered scenario-based projections:
Bull case: Faster adoption and higher ARPM could push the stock to ₹895.
Bear case: Weak office demand or slower expansion may drag the stock to ₹650.
WeWork India Share Price and IPO Performance
WeWork India last closed at ₹618.85, hovering nearly 5% below its issue price of ₹648. The company’s , open from October 3 to October 7, received solid institutional support. The Qualified Institutional Buyers (QIB) portion was subscribed 1.79 times, while non-institutional investors subscribed 23%, and retail investors subscribed 61%. Overall, the issue was subscribed 1.15 times, according to BSE data.
The IPO was an Offer for Sale (OFS), with no fresh equity issuance. The sale enabled promoters and early investors to offload part of their stake.
With major brokerages now signalling strong upside and India’s flex-workspace market expanding rapidly, investor sentiment around WeWork India appears to be turning sharply positive. Whether the stock can climb towards the ₹900 mark now remains the big question—but analysts clearly believe the fundamentals are aligned for a meaningful rerating.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.