WeWork Files Confidentially to Hold IPO
“We have regularly focused on how to take our business to the next level in every aspect,” says Adam Neumann.
(Bloomberg) WeWork Cos. filed paperwork confidentially with the US Securities and Exchange Commission to hold an initial public offering, the company said in a statement.
The New York-based co-working company said it initially filed in December and recently issued updated documents. The company, which refers to itself as We Co., would likely be the second-biggest US IPO of the year after Uber Technologies Inc., which expects to start trading next week.
“We have regularly focused on how to take our business to the next level in every aspect,” Adam Neumann, the chief executive officer, wrote Monday in an email to staff reviewed by Bloomberg. “Partly due to technology and partly due to the times we live in, the world has never felt smaller and yet more people than ever are sharing that they feel alone. As one of the world’s largest physical networks, it is our responsibility to help lead the way and set the global example for people and corporations on how we should take care of each other and of our planet.”
WeWork counts SoftBank Group Corp. as a major investor. An investment in January valued the business at $47 billion. WeWork has a lot in common with the flurry of high-profile technology IPOs planned for this year. For one, it loses a lot of money.
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