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WeWork, the co-sponsor now known as The We Company, has submitted confidential documents to the US Securities and Exchange Commission for an initial public offering, the company said Monday in a press release .
According to the New York Times, the company initially filed documents relating to IPOs in December.
WeWork, worth $ 47 billion in January, has raised $ 8.4 billion in debt and equity financing since its inception by Adam Neumann and Miguel McKelvey in 2010. WeWork is one of several technology unicorns with SoftBank Vision Fund. Recently, the Japanese telecommunications giant has considered a majority stake in the company worth $ 16 billion, but cooled its planes at the last minute.
WeWork doubled its revenues, from $ 886 million in 2017 to about $ 1.8 billion in 2018, with net losses of $ 1.9 billion. These measures are not attractive for a pre-IPO company; Then, Uber is finishing a roadshow on the IPO, despite a decline in growth. Here is more information from Crunchbase News about WeWork's financial statements:
- 2017 WeWork sales: $ 886 million
- WeWork's net loss in 2017: $ 933 million
- WeWorks 2018 revenue: $ 1.82 billion (+ 105.4%)
- WeWork's net loss in 2018: $ 1.9 billion (+ 103.6%)
On the other hand, according to Axios, WeWork has established a 90% occupancy rate in 2018, the total number of members having increased by 116% to reach 401,000.
WeWork is often cited as the perfect example of Silicon Valley's tendency to inflate badessments. WeWork, a real estate company, is rapidly spending money, and will undoubtedly have to make considerable efforts to convince investors in the public markets of its longevity and technological business status.
WeWork is supported by SoftBank, Benchmark, T. Rowe Price, Fidelity, Goldman Sachs and many others.
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