Co-working IPO wave heats up: Awfis, Smartworks list; IndiQube, WeWork India next

India’s co-working and managed office space segment is having a breakout moment. Once tailored to startups and freelancers, flexible workspaces are now being embraced by enterprises and hybrid teams, sparking a wave of IPOs and investor interest.

As per analysis, the Indian startup ecosystem has seen the highest number of IPOs from the co-working space in 2025. Since January 2021, the travel tech segment (EaseMyTrip, Yatra, Ixigo, and TBO) and the fintech segment (Paytm, MobiKwik, Fino, and Zaggle) have each seen four players go public, while the e-commerce space (Nykaa, FirstCry, and MamaEarth) has seen three.

The insurance (PB Fintech and Digit), foodtech (Zomato and Swiggy), EV (Ola Electric and Ather), and logistics (Delhivery and Blackbuck) sectors have each seen two startups listed on the stock exchange.

From co-working, Awfis was the first mover, debuting on the stock exchanges in May 2024 after raising Rs 599 crore (Rs 128 crore via fresh issue). Backed by Peak XV and ChrysCapital, it had raised close to $100 million before the IPO. The company scaled revenue from Rs 257 crore in FY22 to Rs 1208 crore in FY25, and clocked a 47% YoY revenue surge in Q4 FY25. Profitability, once elusive, is now within sight with an eight-fold jump in quarterly profit.

Smartworks followed with a strong IPO debut in July 2025, raising Rs 583 crore. Its revenue jumped from Rs 711 crore in FY23 to Rs 1,374 crore in FY25, while losses stood at Rs 62 crore in FY25. Its enterprise-first model is resonating with large corporations seeking flexible, scalable workspace solutions. Importantly, both the firms trade comfortably above their IPO price for now, ensuring continued investor interest and generous valuations. 

A day after the Smartworks debut on the stock exchange, IndiQube, backed by WestBridge, joined the party by filing RHP for a Rs 700 crore IPO. The offer comprises a fresh issue of Rs 650 crore and an offer for sale worth Rs 50 crore, with shares being offloaded by co-founders Rishi Das and Meghna Agarwal. The company posted a 27% year-on-year revenue growth to Rs 1,059 crore in FY25, while its losses narrowed by 59% to Rs 139.5 crore during the same period.

Adding to the momentum, WeWork India, run under a franchise by Embassy Group, has received SEBI approval to launch its IPO. The offer will be a pure OFS, marking the entry of another heavyweight into the public markets.

Managed office space startup TableSpace is reportedly eyeing a $2.5 billion valuation in its planned IPO. The company claims to have crossed $100 million in revenue in 2024. Meanwhile, peer DevX raised $7 million last year to fuel its expansion. The list continues to expand, with Bhive, Stylework, and Incuspaze also expected to enter the IPO fray soon. With even Oyo managing a Co working brand, Workflo, the market looks set to have a portfolio of firms to consider soon. 

The co-working space has always been an obvious solution in India, with viable pricing as always the biggest nut to crack. Supply has been supported by a roaring real estate sector which has always attracted strong investor interest informally. Valuations have also usually been higher than for pure play real estate firms. But creating distinct brands that command some loyalty has not been so easy for many of the smaller players, leading to a market where the successful players are expanding more through acquisitions than from building spaces ground up. Many models have evolved, with the focus only on managing costs efficiently. The market seems to have some way to go before it can be termed a mature market, and that leaves a major opportunity and advantage for experienced players who can tap into public markets for finding growth.