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WeWork will go public, but no details yet: ceo
Posted on Thursday, 15 June 2017 14:18
WeWork, a New York-headquartered provider of shared workspaces, is moving towards an initial public offering (IPO), according to the company’s chief executive.
Speaking at an event at the Economic Club of New York, Adam Neumann said the group has not yet decided which exchange it will float on or how much it is likely to raise in the process. Reuters picked up on the chief executive’s comments.
A listing of WeWork has been on the cards for some time; it was first reported in December 2014, when the Wall Street Journal cited landlords who have discussed the matter with executives at the company as saying the following two or three years would be a likely time to go public.
As such, a flotation this year would put that prediction right on the money, but given Neumann’s comments earlier this week it is not clear how probable this is.
WeWork bills itself as a company which takes the hassle out of renting office space, offering private locations which can serve as a corporate headquarters and smaller satellite offices based on the requirements of its clients.
The firm, which is active in 16 countries, claims to be able to supply locations for less than 25.0 per cent of the price of traditional rental agreements.
Its customer base includes a number of big names, such as Spotify, Microsoft. Bacardi and Marriott.
The most recent IPO by a nonresidential real estate rental company was UK-headquartered warehouse and storage unit player AEW UK Long Lease REIT, according to Zephyr, the M&A database published by Bureau van Dijk.
The company floated on the London Stock Exchange on 6th June in what has also proven to be the most valuable IPO in the sector announced during the year to date.
Others to have gone public since the beginning of January include Singapore-based Dasin Retail Trust and Renewable Japan Energy Infrastructure Fund.
© Zephus Ltd