Ucommune to File US IPO
China’s largest coworking space brand, Ucommune, has announced it will push ahead with an initial public offering in the US this year. The Beijing-based company was valued at around $3 billion last year in a $200 million funding round. The company has reportedly already filed a confidential prospectus with the SEC. The Chinese company has appointed Citigroup, Credit Suisse, and Bank of America to work on the deal.
Smartworks Coworking Receives $25M in Funding
Real Assets IPE reported this week that the property arm of Singaporean conglomerate Keppel Corporation has invested US$25 million in Indian coworking space operator, Smartworks. The pan-India coworking brand currently operates 23 coworking spaces across nine cities. The funding will be used to power Smartworks expansion plans; the company hopes to grow is workspace footprint to 20 million square feet over the next five years.
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Bisnow reported this week that “WeWork’s descent from the precipice of an initial public offering into the depths of a corporate rescue has been dramatic — perhaps dramatic enough for its own film.” According to the report, Business Insider, in partnership with production studio Campfire, will be producing a documentary about the We Company, Adam Neumann, and where it all went wrong.
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