WeWork’s initial public offering will be pushed back to the end of the year as investor interest continues to dwindle.
The We Company’s investor roadshow was anticipated to begin as early as this week, but after the firm slashed its valuation from $47 billion to as little as $10 billion, the company announced that is will complete the listing by December.
“The We Company is looking forward to our upcoming [initial public offering], which we expect to be completed by the end of the year. We want to thank all of our employees, members and partners for their ongoing commitment,” the company said in a statement.
Concerns unveiled in the company’s prospectus raised questions about We’s corporate governance standards and the sustainability of its business model, which could suffer during a recession.
Additionally, WeWork’s lost about $1.6 billion last year, maintaining its reputation of being an unprofitable unicorn.