India’s Co-Working IPO Rush Gains Momentum With Awfis, Smartworks, and IndiQube Leading the Charge

India’s flexible workspace sector is witnessing an unprecedented IPO wave, with Awfis and Smartworks already listed and IndiQube and WeWork India preparing to enter public markets. The surge reflects growing investor confidence in managed office solutions amid hybrid work trends and rising enterprise demand.

Key Highlights From Recent Listings

- Awfis debuted in May 2024, raising ₹599 crore; its revenue jumped from ₹257 crore in FY22 to ₹1,208 crore in FY25  
- Smartworks followed in July 2025 with a ₹583 crore IPO; FY25 revenue reached ₹1,374 crore, up from ₹711 crore in FY23  
- Both companies now trade above their IPO prices, signaling strong market reception  

Upcoming IPOs and Market Expansion

- IndiQube filed for a ₹700 crore IPO, including ₹650 crore fresh issue and ₹50 crore OFS by co-founders  
- WeWork India, operated by Embassy Group, has received SEBI approval for a pure OFS IPO  
- TableSpace is targeting a $2.5 billion valuation, while DevX and Bhive are also exploring listings  

Sector Dynamics and Investor Outlook

- Co-working IPOs have outpaced fintech, travel tech, and e-commerce listings in 2025  
- The segment benefits from rising real estate demand, cost-efficient models, and enterprise adoption  
- Successful players are scaling via acquisitions and tech-enabled services rather than ground-up builds  

Outlook

With valuations soaring and investor appetite growing, India’s co-working sector is transitioning from startup niche to mainstream asset class. The IPO wave is expected to continue, reshaping commercial real estate dynamics.

Sources: Entrackr, Hindustan Times, Business Standard, Upstox, FlexInsights

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