INSUBCONTINENT EXCLUSIVE:
WeWork chief executive officer Adam Neumann is already rich, but soon all of the early employees and investors of the co-working giant will
be too.The business, now known as The We Company, has accelerated its plans to go public, according to a new report from The Wall Street
WeWork is expected to unveil is S-1 filing next month ahead of a September initial public offering.WeWork declined to provide comment for
this story.The New York-based company, valued at $47 billion earlier this year, has long been rumored to be plotting a massive IPO
be an effort to downsize its upcoming stock offering
WeWork disclosed massive 2018 net losses of $1.9 billion in March on revenue of $1.8 billion
Seeking capital elsewhere ahead of the IPO manages expectations and ensures WeWork ultimately has the cash it needs to continue its global
debt and equity funding since it was founded in 2011
Its IPO is poised to become the second largest offering of the year behind only Uber, which was valued at $82.4 billion following its May
IPO on the New York Stock Exchange.WeWork is said to have initially filed paperwork with the United States Securities and Exchange
Commission for an IPO in December, in part so it was ready to hit the public markets if other avenues for cash fell through
The business is one of several tech unicorns to attract billions from the SoftBank Vision Fund
Recently, the Japanese telecom giant eyed a majority stake in the company worth $16 billion, but scaled back their investment down to $2
The company established a 90% occupancy rate in 2018 as membership totals rose 116%, to 401,000.Still, whether WeWork, backed by SoftBank,
Rowe Price, Fidelity and Goldman Sachs, will be able to match its $47 billion valuation when it goes public this fall is questionable
Early investors will be sure to see a nice return, but late-stage investors may be nervous about their prospects.Neumann, for his part, has
reportedly cashed out of more than $700 million from his company ahead of the IPO
The size and timing of the payouts, made through a mix of stock sales and loans secured by his equity in the company, is unusual,
considering that founders typically wait until after a company holds its public offering to liquidate their holdings.
