WeWork Parent Weighs Further Valuation Cut

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WeWork Parent Weighs Further Valuation Cut
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WeWork’s parent is eyeing an IPO valuation that could fall below $20 billion as some investors push for a delay, people familiar with the matter say

By Maureen Farrell Sept. 8, 2019 5:05 pm ET WeWork’s parent is eyeing a valuation for its initial public offering that could fall below $20 billion as some existing investors push the workspace company to shelve the planned offering, people familiar with the matter said.

A valuation below $20 billion would be an even steeper drop from the $47 billion mark where We last raised private capital this year in the face of skepticism among potential public investors over the company’s governance, its business model and ability to turn a profit while continuing to grow. It would be particularly painful for investors who have given or committed over $10 billion to the company since it was founded in 2010.

Should We yank or postpone the IPO, it stands to miss out on nearly $10 billion needed to fund its ambitious but money-losing global-growth plans. The company was planning to raise $3 billion to $4 billion in the IPO and up to $6 billion in debt that is contingent on the IPO raising at least $3 billion.

The company is continuing to talk to its biggest investor, SoftBank Group Corp., about whether the Japanese technology giant would put in additional capital through the IPO by buying a significant portion of the shares on offer or invest a chunk of money that would allow We to delay its IPO until 2020.

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