WeWork reveals IPO filing
WeWork, now known as The We Company, released its IPO prospectus Wednesday morning months after filing confidentially to go public. The company indicated plans to raise $1 billion in what is likely a placeholder amount.
Backed by billions from SoftBank and its mammoth Vision Fund, the highly anticipated float is expected as soon as next month.
The New York-based company, valued at $47 billion earlier this year, has long been rumored to be plotting a massive IPO despite towering losses. The business recently disclosed 2018 net losses of $1.9 billion on revenue of $1.8 billion. To convince Wall Street it’s a business worthy of their investment will be a challenge, to say the least.
In its S-1 filing, WeWork disclosed revenue north of $1.5 billion in the six months ending June 30 on losses of $904.6 million.
WeWork has raised a total of $8.4 billion in a combination of debt and equity funding since it was founded in 2011. According to earlier reports from The Wall Street Journal, it’s also pursuing an asset-backed loan worth upwards of $6 billion in what could be an effort to downsize its stock offering.
Its IPO is poised to become the second-largest offering