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Home News

WeWork Moves Forward With Highly Anticipated IPO

Aayat AlibyAayat Ali
July 24, 2019
in News
Reading Time: 1 min read
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The We Company is going forward with its highly anticipated public offering, with it expected to unveil its filing in September.

The firm, which was valued at $47 billion earlier this year, is reportedly in the process of meeting with Wall Street banks to secure an asset-backed loan of about $6 billion according to the Wall Street Journal. After revealing it had losses of about $1.9 billion in 2018, the company needed to seek capital elsewhere in order to convince Wall Street that it has the ability to continue its expansion.

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Despite its major losses, the company is growing steadily with a 90% occupancy rate in 2018 and a 116% membership growth.

The We Company filed paperwork with the U.S. Securities and Exchange Commission for an IPO in December 2018, which is expected to be the second largest offering this year just following transportation company Uber.

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Nexudus - Tech Stack Lovers

Co-founder and CEO Adam Neumann has also reportedly cashed out of over $700 million through a combination of stock sales and loans from the company — an unusual move as founders typically wait until after a company’s public offering to liquidate their holdings.

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Aayat Ali

Aayat Ali

Aayat is an editor for the Daily Digest based in Lexington, Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces.

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