The outlook for the public debut of WeWork is cooling after the disappointments of other major IPOs this year such as Lyft Inc and Uber Technologies Inc. FMTNews
WeWork is planning to kick off its IPO roadshow as soon as next week.
The range could end up closer to US$20 billion, said one of the people, which would be less than half the valuation it secured from its biggest backer just a few months ago. “They would probably price this thing at the more conservative end, maybe in the US$20 billion range, given that the company is trying to raise more money,” said Phil Haslett, co-founder of EquityZen, a marketplace for private stock sales.
That would be the second-biggest IPO this year behind Uber, another loss-making startup funded by SoftBank. WeWork’s IPO plans filed last month were greeted by sometimes blistering criticism for the way it obscured key details about the economics of the business. Tangled business relationships involving Neumann and his family show an interdependence that runs deeper than most entrepreneurs to their creations and one that raises concerns among prospective shareholders.
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