Our friends at WeWork are on the move again.
WeWork, the co-working giant now known as The We Company, has submitted confidential documents to the U.S. Securities and Exchange Commission for an initial public offering, the company confirmed in a press release Monday.
According to The New York Times, the business initially filed IPO paperwork in December.
WeWork is often referenced as the perfect example of Silicon Valley’s tendency to inflate valuations. WeWork, a real estate business, burns through cash rapidly and will undoubtedly have to work hard to convince public markets investors of its longevity, as well as its status as a tech company.
WeWork, valued at $47 billion in January, has raised $8.4 billion in a combination of debt and equity funding since it was founded by Adam Neumann and Miguel McKelvey in 2010. WeWork is among several tech unicorns with hundreds of millions, billions actually, in backing from the SoftBank Vision Fund. Recently, the Japanese telecom giant eyed a majority stake in the company worth $16 billion but cooled their jets at the last minute.
Read the complete TechCrunch article by Kate Clark: https://techcrunch.com/2019/04/29/wework-files-confidentially-for-ipo/