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WeWork accelerates IPO plans, plans September listing – TechCrunch

WeWork CEO Adam Neumann is already rich, but soon all the early employees and investors of that co-giant will be involved.

The business, now known as The We Company, has gained momentum plans to become public, according to a new report from The Wall Street Journal. WeWork is expected to uncover the submission of S-1 next month in advance of a public public offer in September.

WeWork refused to comment on this story.

The New York-based company, valued at $ 47 billion earlier this year, has long been rumored to be planning a massive stock exchange listing. The WSJ reports that it is now meeting with Wall Street banks to secure a capital-supported loan of up to $ 6 billion in what may be an attempt to reduce the upcoming equity offering. WeWork revealed massive net losses of $ 1[ads1].9 billion in March for $ 1.8 billion in revenue. To convince Wall Street that it is a business worthy of their investment, to say the least, will be a challenge. Seeking capital elsewhere in front of the IPO governs expectations and ensures that WeWork ultimately has the cash it needs to continue global expansion. Here's a look at WeWork's Expanding Revenue and Loss:

  • WeWork's Revenue in 2017: $ 886 Million
  • WeWork's Net Loss 2017: $ 933 Million
  • WeWorks 2018 Revenue: $ 1 , $ 82 billion (+ 105.4%)
  • WeWork & # 39; s net loss 2018: $ 1.9 billion (+ 103.6%)

WeWork has raised $ 8.4 billion in a combination of debt and equity financing since it was founded in 2011. The IPO is ready to be the second largest offer of the year behind only Uber, which was valued at $ 82.4 billion after its May listing on the New York Stock Exchange.

It is said that WeWork first wrote papers to the US Securities and Exchange Commission for a stock exchange listing in December, partly so it was ready to hit the public markets if other opportunities for cash fell. The business is one of several technical unicorns to attract billions from SoftBank Vision Fund. Recently, the Japanese telecom giant increased a majority stake in the company to the value of $ 16 billion, but scaled back investment to $ 2 billion at the last minute.

WeWork, despite rising losses, is growing – fast. The company established a 90% occupancy rate in 2018 as its membership increased by 116%, to 401,000.

Continued on WeWork, supported by SoftBank, Benchmark, T. Rowe Price, Fidelity and Goldman Sachs, could match the valuation of $ 47 billion when it becomes public this fall is questionable. Early investors will be sure to get a good return, but late-stage investors may be nervous about their prospects.

Neumann, on the other hand, allegedly redeemed more than $ 700 million from his company in front of the IPO. The size and timing of the payments made through a mix of share sales and loans secured by the equity of the company is unusual, given that the entrepreneurs typically wait until after a company has its public offer to liquidate the ownership interest.

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