WeWork’s parent company unveiled the papers for its initial public offering Wednesday, taking the next step toward the office-space firm’s high-profile debut as soon as September.
The filing gives the most detailed financial picture to date of We Co., which was known as WeWork Cos. until recently. We generated $1.54 billion in revenue in the first six months of 2019 and posted a net loss of $689.7 million. In 2018, the company raked in $1.82 billion in revenue, but it also lost $1.61 billion.
We, which has been valued as high as $47 billion in the private markets, plans to list its shares under the symbol WE.
The 9-year-old real-estate company primarily rents long-term space, renovates it, then divides the offices and subleases them on a short-term basis to other companies.
We’s public filing would allow the company to debut in September, though some people close to the deal say timing could still slip. Its executives in recent months have been targeting September as they worried that good times in the U.S. stock market might not last, with major indexes at or near record highs.
We is the latest in a parade of banner-name companies going public in the U.S. this year, including Uber Technologies Inc., Lyft Inc., Slack Technologies Inc., Pinterest Inc., Chewy Inc., Levi Strauss & Co. and Zoom Video Communications Inc.
IPOs in the U.S. have generally done well after coming to market this year, but We’s debut will be the latest test of investor appetite for a huge, money-losing company trying to scale up. Uber and Lyft, both of which lose billions, have been high-profile stumbles.
Write to Maureen Farrell at email@example.com
Copyright ©2019 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Source:: Daily Times