WeWork owner The We Company took a last-minute decision on Monday to suspend pre...
- WeWork owner The We Company took a last-minute decision on Monday to suspend preparations for an initial public offering , concerned that its stock market debut would be snubbed by many investors, people familiar with the matter said.
FILE PHOTO: Adam Neumann, CEO of WeWork, speaks to guests during the TechCrunch Disrupt event in Manhattan, in New York City, NY, U.S. May 15, 2017. REUTERS/Eduardo Munoz/File Photo The U.S. office-sharing startup was getting ready to launch an investor road show for its IPO this week, the sources said. It may now not go ahead with the listing this year, though no decision on the new timing has been taken, the sources added. The company has been under pressure to proceed with the stock market flotation to secure funding for its operations.
Reuters reported last week that We Company might seek a valuation in its IPO of between $10 billion and $12 billion, a dramatic discount to the $47 billion valuation it achieved in January. Were We Company to have pressed on with the IPO at such a low valuation, it would have represented a major turning point in the growth over the last decade of the venture capital industry, which has led to the rise of startups such as Uber Technologies Inc (
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