WeWork plans US stock market float

WeWork is planning to float the business on the US stock exchange.

The flexible office space provider, which holds more space in London than the likes of the BBC, Barclays and HSBC, today revealed it had filed paperwork with the US Securities and Exchange Commission for an initial public offering.

WeWork said it had filed the paperwork in December 2018.

According to the Financial Times, which obtained a memo sent to employees yesterday by chief executive Adam Neumann, the WeWork co-founder wrote: “From the first day, the goal of our company has always been about making a difference, impacting as many people as possible, and creating a world where people make a life and not just a living.”

In the UK, the company has more than 35 office locations, hosting 45,000 members, across London and Manchester, and a further 13 sites announced.

However, the company has yet to make a profit and posted a $1.6bn loss for the first nine months of 2018.

But investment is still being pumped into the co-working giant, with its largest investor, SoftBank, buying an extra $2bn of shares in January this year.

This investment will help WeWork expand operations into residential and education sectors.

The flexible offices provider was founded in 2010 in New York by Neumann and Miguel McKelvey.

 

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