Ucommune Facing Backlash From Targeted Valuation
Beijing-based coworking operator Ucommune is already facing opposition from bankers over its target valuation after filing a prospectus for its U.S. initial public offering.
Credit Suisse and Citigroup have both reportedly shared concerns over Ucommune’s valuation goal of $2.6 billion. According to Bloomberg, Bank of America has also withdrawn from underwriting the sale of American Depositary Shares (ADS).
Now, reports have revealed that Ucommune is under pressure from investors from recent funding rounds to list the company as soon as possible, likely in January.
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The Form D that the company filed with the Securities and Exchange Commission on December 11 did not list any of the international financial firms.
The latest documentation shows Haitong International Securities and China Renaissance Securities as lead underwriters with the listing.
If Ucommune moves forward with its IPO, it would be the first company to attempt a U.S. IPO without a major Western bank.
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