WeWork, the co-working giant now known as The We Company, has submitted confidential documents to the U.S. Securities and Exchange Commission for an initial public offering, the company confirmed in a press release Monday.
According to The New York Times, the business initially filed IPO paperwork in December.
WeWork, valued at $47 billion in January, has raised $8.4 billion in a combination of debt and equity funding since it was founded by Adam Neumann and Miguel McKelvey in 2010. WeWork is among several tech unicorns with hundreds of millions, billions actually, in backing from SoftBank Vision Fund. Recently, the Japanese telecom giant eyed a majority stake in the company worth $16 billion but cooled their jets at the last minute.
WeWork doubled its revenue from $886 million in 2017 to roughly $1.8 billion in 2018, with net losses growing by a whopping $1 billion last year. In total, net losses hit $1.9 billion for 2018, a figure larger than the company’s total 2018 revenues. These aren’t attractive metrics for a pre-IPO business; then again, Uber’s currently completing a closely-watched IPO roadshow despite shrinking growth.
On the bright side, per Axios, WeWork established a 90 percent occupancy rate in 2018, with total membership rising 116 percent to 401,000.
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