Industrious Begins Plans For An IPO
New York-based Industrious has interviewed multiple investment banks as it makes moves towards an initial public offering in the spring or summer of 2021. The company will also add real estate veteran Mary Hogan Preusse to be the firm’s first female board member.
“Investors represent one point of view, but the unfortunate consequence is that you end up with a lack of gender diversity and potentially miss out on a thoughtful, independent voice,” said Jamie Hodari, CEO of Industrious.
Hogan Preusse is on the boards of Digital Realty Trust, mall owner Kimco Realty Corp., landlord Vereit and Host Hotels & Resorts and has 30 years of real estate experience under her belt.
Although Hodari has declined to comment on the company’s valuation, sources say Industrious is estimated to be worth over $500 million.
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Currently, the flexible office provider is in the process of bringing back the 64 employees that were furloughed due to the pandemic and salary cuts higher-ups had taken will be reversed by this summer.
Industrious largely focuses on private offices, rather than open plans, which is expected to work to their benefit as organizations opt for flexible workspaces that abide by distancing guidelines. Additionally, its business model of signing management agreements with landlords rather than long-term leases has helped it weather the pandemic, which could instill trust in investors that were jaded by WeWork’s failed IPO.
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