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Ucommune Moves Forward With U.S. IPO

Aayat AlibyAayat Ali
December 12, 2019
in News
Reading Time: 1 min read
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Shared workspace provider Ucommune has filed to raise $100 million in an IPO, taking the next step in going public despite poor investor interest.

Currently, Ucommune has a portfolio of 197 centers across 42 cities in China. In the first nine months of 2019, the company lost $79 million, doubling its losses from the previous year according to its prospectus. While its revenue nearly tripled during that time, the firm said it had $23.79 million in cash at the end of September and a similar amount in money owed by its customers.

“I think the timing of the Ucommune deal near year-end will make it difficult,” said an analyst at a mid-sized brokerage that follows the sector. “I’m surprised that they’re coming to the market so soon after the WeWork disaster. I think developing an appetite for the deal may be challenging given the political environment and loss-making status of the business. It’ll be an uphill climb, I think.”

Some analysts have said that several Chinese companies are rushing to make IPOs now in order to open a channel of offshore capital as China makes it more difficult for domestic companies to move money elsewhere. In fact, almost a dozen Chinese companies have applied for New York IPOs since late September.

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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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