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The company We, better known as WeWork, has filed a confidential listing request for an IPO, the company said Monday in a press release.
The company has not disclosed any financial information in the deposit. However, in a presentation shared with CNBC in March, The We Company reported having a net loss of $ 1.9 billion on a business turnover of $ 1.8 billion in 2018 and a net loss of 933 millions of dollars on a turnover of 886 million dollars in 2017.
WeWork's business model continues to rely on significant funding from private investors, including SoftBank, which has contributed more than $ 10 billion to the company, including $ 2 billion this year. WeWork has to plunge its money into real estate on some of the most expensive markets and earn money over time as businesses and individuals pay their rent or membership.
We join a growing class of high-tech companies entering the stock market. Lyft, Pinterest, Zoom and PagerDuty have already gone public this year and Uber and Slack are both preparing for their own IPOs. The We Company confidential deposit is a draft registration statement amended, according to the statement. The company initially filed a confidential S-1 draft in December, according to a note from the company's co-founder, Adam Neumann, obtained from CNBC.
The company changed its name from the name "WeWork" earlier this year to encompass the growing scope of its projects. WeWork now encompasses the coworking space sector with which the company has started. WeLive, which offers flexible residential offerings, and WeGrow, its training unit, are among the other business units of We Company.
In the memo to employees, Neumann told his employees: "We have regularly focused on how to move our business forward at all levels, so that all options remain open, we have confidentially S-1 registration statement to the Exchange Commission in December After much thought, last week we decided to table the first amendment to our brief, which is a step forward for us make it possible to decide to become an open society. "
Here's Neumann's memo to employees:
Hello everyone,
This week, I was celebrating my birthday with my family and close friends. It was an opportunity to reflect on some of the most significant moments of my life: growing up in Israel, meeting my wife and partner Rebecca, the birth of my children and collaborating with Miguel and Rebekah to found WeWork.
From day one, our business has always been about making a difference, impacting as many people as possible, and creating a world in which people will not only earn their living. We have regularly focused on how to move our business forward in all its aspects. In order to keep all options open, we confidentially filed a draft S-1 registration statement with the Securities and Exchange Commission in December. After careful consideration, we decided last week to table the first amendment to our brief, which is a step forward for us to decide to become a public company. As partners of this trip, it is important for me personally to share this information with you and thank you again for your cooperation.
Although this process limits our ability to communicate on this topic, we will do our best to update you as soon as we can. I do not have an exact date or schedule to share with you, but I wanted you to know first that this process has begun.
Partly because of the technology and partly because of the times in which we live, the world has never felt smaller and yet, more people than ever share what they feel alone. As one of the largest physical networks in the world, it is our responsibility to help set the pace and lead the way for individuals and businesses around the world on how we should look after ourselves. from each other and from our planet.
Thank you all for your hard work and dedication to our mission.
Regards,
Adam
Look: WeWork's net sales and net losses have both doubled in 2018
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