WeWork lifts veil on finances with IPO filing

A man enters the doors of the WeWork co-operative co-working space in Washington March 13, 2014. — AFP pic
A man enters the doors of the WeWork co-operative co-working space in Washington March 13, 2014. — AFP pic

NEW YORK, Aug 14 — WeWork owner The We Company today filed with regulators for an initial public offering and published detailed financial statements for the first time.

The preliminary filing with the US Securities and Exchange Commission did not give any details of the size of the offering or the exchange where the shared office space manager would list its shares.

The filing provides the most comprehensive financial picture yet of the company co-founded by its chief executive officer, Adam Neumann, in 2010. The company previously reported it lost nearly US$2 billion (RM8.4 billion) in 2018, as it invests heavily to grow its business.

Among the disclosures in the filing, WeWork reported a net loss attributable to the company of US$689.7 million in the six months ended June 30, compared with a loss of US$628.1 million a year earlier.

If it goes ahead with the IPO, WeWork would be the biggest company by value to list on the US stock market this year after ride-hailing firm Uber Technologies Inc. An IPO would come at a time when an escalating trade war between the United States and China has made investors more risk-averse to new companies listing.

WeWork was valued in January at US$47 billion in a private fundraising round, according to data provider PitchBook. — Reuters

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