We Co., WeWork’s parent company, has postponed the company’s initial public offering. The news comes after WeWork lowered its valuation to $15 billion from $47 billion and made some changes to its corporate governance. Still, WeWork failed to assuage investor skepticism following the publishing of its S-1. WeWork’s biggest backer, SoftBank, has reportedly also asked the company to postpone the IPO until at least next year.
International Workplace Group has announced that it has plans to double its coworking network, Spaces, in India by 2022. The company also has plans to introduce three new brands in the region, HQ Global Workspaces, Signature by Regus, and CXO Club. To grow its existing footprint in the country — 120 workspaces in 16 cities across the country — IWG is reportedly considering launching the franchise business in India.
India’s coworking market is booming. This week, Savills announced that it will launch its flexible workspace platform in India. The platform aggregates all the available flexible workspace in a market and allows occupiers to select the right space for them. The company started its operations in India a few years ago as a real estate consultant and has since then grown its presence in the region. The company currently has offices in Gurgaon, Mumbai, Bengalulru, and Chennai, with soon to open offices in Pune and Hyderabad.
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Singapore-based flexible workspace operator, JustCo, is growing its footprint in Shanghai with a recently secured space at LL Land Tower. The new coworking space is slated to open by the end of the year and it marks the company’s largest space in Shanghai, spanning 35,000 square feet. Currently, JustCo is operating 40 locations across eight cities in Asia: Singapore, Bangkok, Shanghai, Jakarta, Seou, Sydney, Melbourne, and Taipei.