RESEARCH TRIANGLE PARK – WeWork, which is rapidly growing its footprint of shared workspace offerings and related services in the Triangle, reportedly is either going to scale back its plans for a massive public offering or delay it and raise more investment capital.
So reports venture capital and investment news site PitchBook.
“Facing a flurry of criticism of the company’s past and skepticism about its future, WeWork has apparently opted to pursue a much smaller public offering than the co-working company once dreamed,” PitchBook reports.
“After being met so far by limited investor interest, WeWork is reportedly now planning to target a valuation of between $20 billion and $30 billion in its upcoming IPO, a far cry from the $47 billion valuation it attained in a funding round led by SoftBank earlier this year. It’s believed the company plans to launch its investor road show next week.”
Inside WeWork: Cofounders set to control co-working giant following IPO
PitchBook adds that the company is talking with SoftBank about an additional infusion of cash – between $3 billion and $4 billion. If so, an IPO could be delayed until 2020.
The latest news comes shortly after Adam Neumann, WeWork’s co-founder, decided to return a $5.9 million trademark payment he had reeived from the company.
WeWork reports nearly doubling of client count but massive losses ahead of IPO
