Shares of WeWork India Management surged in early trading on November 18, rising nearly 8% after international brokerage Jefferies initiated coverage on the stock with a ‘Buy’ recommendation.

The shares touched an intraday high of Rs 662.80 before settling around Rs 644.45, up 5% from the previous close of Rs 614.80, as of 10:20 am.

Jefferies Rating and Target Price

Jefferies set a target price of Rs 790, implying an upside potential of nearly 28.5% from current levels. The brokerage highlighted:

• WeWork India is the largest flexible workspace operator by revenue in India.
• The company offers higher returns than traditional office landlords and benefits from faster market growth.
• India’s flexible office segment is growing at a 17% CAGR, roughly twice the pace of overall office stock.
• WeWork India is expected to add 15,000–20,000 seats annually over the next three years.
• Its presence in the top 8 cities targets a high-end member base, supporting average revenue per user (ARPU) nearly twice that of listed peers.

Jefferies also noted that WeWork India’s premium positioning is evident in its FY25 revenue-to-rent ratio of 2.7, a key driver of profitability, and expects 22% revenue CAGR and 28% EBITDA CAGR over FY25–28. The firm cautioned that a sharp downturn in office demand could pose risks to growth.

Share Price History

WeWork India made a muted debut earlier this year, listing marginally above its IPO price at Rs 650 per share on NSE. The stock fell to a low of Rs 598 on November 12, down 8% from listing, but has now recovered nearly 11%, trading slightly above its IPO price.

The latest buy rating from Jefferies has provided renewed momentum, positioning the stock for further potential gains in the Indian office space segment.