WeWork files $1bn IPO plan
The We Company has filed a proposed offering of $1bn with the US Securities & Exchange Commission.
The filing also revealed a net loss of $690m in the first half of this year for the office trend-setter. The revenues at the firm doubled from $886m in 2017 to $1.8bn in 2018 as it continues to expand rapidly around the world.
Earlier this year, the firm was valued at $47bn by its largest investor SoftBank. In January, WeWork received $6bn investment from the Japanese tech giant, of which $5bn was primary growth capital and the remaining $1bn was secondary capital to fund share purchases from investors and employees.
The coworking firm is yet to release the price of shares, but the filing said it will be trading Class A common stock under the symbol ‘WE’.
Investment banks JP Morgan and Goldman Sachs are set to be the lead underwriters of the offering.
WeWork will be treated as an ‘emerging growth company’ under federal securities laws for certain purposes until the offering is complete.
The company doesn’t expect to pay dividends on its Class A common stock or its Class B common stock in the foreseeable future.