WeWork CEO Sandeep Mathrani has revealed that once the company has become profitable, it will revisit plans to go public again.
This comes just one year after the firmโs tumultuous failed IPO led to layoffs, reformatting its C-suite and cutting out its ventures outside of real estate.
โIโm a big believer in one step at a time so letโs hit profitable growth first, and weโll then revisit the IPO plan,โ said Mathrani during a Zoom video conference call. โNazar na lag jaye,โ which is a Hindi expression that means to protect someone from the evil eye.
If and when the IPO happens, the companyโs units and franchisees across the globe will roll into the parent per existing agreements.
Just last week, Fitch Ratings knocked WeWorkโs credit rating down a notch, indicating that it could default on its obligations. However, Mathrani says the firm is on its way to hitting profitability by 2021.
Additionally, Mathrani said that the company does not owe former CEO Adam Nuemann any more money from the $185 million consulting deal with SoftBank.
โOur lawyers said we donโt owe him any money,โ said Mathrani. โItโs between SoftBank, the other investors and him.โ
