The Rs3,000-crore initial public offering (IPO) of WeWork India Management Ltd (WeWork) has witnessed a muted response from retail and non-institutional investors, with subscription data from the National Stock Exchange (NSE) showing tepid participation from all investor categories, except qualified institutional buyers (QIBs), amid serious governance and disclosure concerns flagged by proxy advisory and corporate governance firm InGovern Research Services (InGovern). As of Tuesday afternoon, the IPO had been fully subscribed, with retail investors booking 57% of their quota, non-institutional investors 21%, qualified institutional buyers 177% and employees bidding 177% of the quota. In the unlisted market, shares traded flat at around Rs648, the upper end of the price band, with no

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