WeWork India Management entered public markets with a muted debut as shares closed 2-3% below IPO price, reflecting investor concerns about premium valuation and offer-for-sale structure that provided no fresh capital for operations.

WeWork India Management's ₹3,000 crore IPO closed with 1.15 times subscription on Tuesday, driven primarily by institutional investors while retail and HNI segments showed limited interest in the co-working space operator's public market debut.

WeWork India has successfully raised ₹1,348.26 crore from 67 anchor investors at the upper price band of ₹648 per share, setting a strong foundation for its upcoming IPO scheduled to open this Friday.

Embassy Group plans to take WeWork India public after acquiring the remaining 27% interest from US-based WeWork for ₹700 crore. Sources say the coworking office platform would be listed on domestic bourses within 18 months.

Sandeep Mathrani, an Indian-American real estate sector veteran, was promoted to chief executive officer after the co-working startup's botched IPO bid almost three years ago.