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Beijing-based coworking operator Ucommune has found a U.S. investment bank to help launch its initial public offering on the New York Stock Exchange after others walked away from underwriting it.
After realizing its Chinese brokerages had little experience handling stock market debuts in New York, the company hired New York-based brokerage firm Benchmark to underwrite the IPO. Chinese brokerage Haitong International will lead the IPO as an underwriter, a surprising move as Chinese investment banks rarely have a leading role in U.S. IPOs.
In a private fundraising round in November 2018, the company raised $200 million that gave it a valuation of $2.6 billion. According to sources, its targeted IPO valuation is unknown, but was seen as unrealistic by the banks that walked away from underwriting it.
Ucommune could start its investor roadshow as soon as this month in Hong Kong.
The company has faced numerous criticisms, partly due to its similarities to WeWork, who had to call off its IPO just months ago due to corporate governance concerns among other things.
The firm is reportedly lining up investors that have connections to the company, alleviating the pressure in attracting U.S. investors.Â
