Abu Dhabi, UAESunday 18 August 2019

WeWork set to unveil IPO prospectus

NewYork-based office sharing start-up is said to be looking to raise more than $3.5 billion (Dh12.85bn)

A WeWork co-working space in New York City. The company is aiming for its IPO. Reuters
A WeWork co-working space in New York City. The company is aiming for its IPO. Reuters

WeWork, is planning to make public its prospectus for its initial public offering as early as this week, according sources, unveiling the full financial picture of the office sharing start-up for the first time.

The New York-based company will test public investors’ appetite for cash-burning start-ups after the tepid debut of Uber Technologies, the largest IPO of the year. WeWork is looking to raise more than $3.5 billion (Dh12.85bn), Bloomberg has reported, which would make it the second-largest US IPO this year.

The company said in April it had filed paperwork for the initial public offering confidentially with the US Securities and Exchange Commission. No final decision has been made and the timing of the public filing could still change, the sources said.

A representative for WeWork declined to comment.

WeWork has disclosed select financial information since it started selling bonds in 2018. It lost $1.9bn last year on $1.8bn in sales.

The company has been targeting a September IPO, sources said in July. It has also been in talks to raise billions in debt.

WeWork leases temporary office space to small companies such as start-ups as well as larger enterprises such as Salesforce.com and Microsoft. SoftBank Group, its largest backer, has valued the unprofitable business at $47bn. Since its founding in 2010, WeWork has raised more than $12bn in funding.

Updated: August 11, 2019 11:35 AM

SHARE

SHARE