WeWork India IPO Subscribed Just 39% on Day 3; Employees’ Quota Oversubscribed
The WeWork India IPO continued to see lukewarm investor interest on Day 3 of bidding, with total subscription reaching just 39% as of 12:45 PM today. The issue, which has a total offer size of 2.54 crore shares, received bids for only 99.4 lakh shares, indicating muted enthusiasm from institutional and retail investors alike.
The IPO, which aims to raise capital to support business growth and repay debts, has not yet captured the kind of attention seen in some recent public offerings, despite the company’s significant presence in India’s flexible workspace market.
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Employees’ Quota Oversubscribed by 1.6X
Among the various investor categories, the employees’ portion has been the only one to witness oversubscription. It was subscribed 1.6 times, with 97,497 bids received against the 59,523 shares set aside for eligible employees. This reflects internal confidence in WeWork India’s long-term strategy and performance outlook.
The strong employee participation could be seen as a positive signal, suggesting that those closest to the business have faith in its future potential, even if broader market sentiment remains cautious.
Retail Investors Show Moderate Interest
The retail investor segment, often a key driver in IPO subscriptions, has shown limited interest so far. It saw a 49% subscription rate, with 22 lakh shares bid for against the 46.23 lakh shares available in this category.
Despite some engagement, this figure points to a level of hesitation among small investors. This could be due to a range of factors including current market volatility, recent underperformance of IPOs, or questions around WeWork India’s profitability and business sustainability, especially in a post-pandemic commercial real estate environment.
QIBs and HNIs Yet to Step In
Notably, the Qualified Institutional Buyers (QIBs) and High Net-Worth Individuals (HNIs) segments have not yet shown strong participation. These investor groups typically enter closer to the final day of the IPO, and the success of the offering may hinge on a last-minute surge from these categories.
Market watchers are anticipating a stronger showing in the final hours, which could potentially push the overall subscription numbers closer to or even above the 100% mark.
Factors Behind the Tepid Response
Several factors could be contributing to the IPO’s sluggish performance, including:
- Concerns around WeWork’s global brand struggles
- India’s changing office space dynamics post-COVID
- Investor caution amid uncertain market conditions
- A broader cooling trend in the IPO market
Despite WeWork India’s significant presence in the country’s coworking sector, investors appear to be taking a wait-and-watch approach before committing capital.
Final Day Will Be Crucial
With just one day of bidding left, all eyes are on institutional investors to determine whether WeWork India’s IPO will see a turnaround. A strong response from QIBs or HNIs could make the difference between a successful close or an underwhelming outcome.
For now, the IPO remains under-subscribed, and the next 24 hours will be critical for the company and investors alike.
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