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WeWork postpones IPO for at least a month

The owner of office sharing startup WeWork agreed late Monday to postpone its stock debut until at least October — the latest in a series of setbacks to its initial public offering plans, The Post has learned.

Earlier Monday, the San Francisco company, which rents shared office space to mostly entrepreneurs, was preparing an IPO road show, to convince large investors to buy stock, for early as Tuesday, sources with direct knowledge of the situation said.

After the board met Monday, the company pulled those plans, sources said.

The delay comes as WeWork’s IPO plans have been plagued by criticisms of the company’s earnings prospects and corporate governance under CEO Adam Neumann.

We Co. on Friday amended its IPO filing to make it more palatable to investors who have voiced concerns about Neumann’s outsize power at the company. Changes included cutting the voting power of the highest class of shares by half, and giving the board the ability to remove Neumann as CEO.

The IPO was expected to raise about $3 billion and to value the company at under $20 billion — far less than the $47 billion it recently fetched in private fundraising. The IPO is being led by JPMorgan and Goldman Sachs.

Neumann does not want to launch his IPO during the Jewish High Holy days set to kick off on the evening of Sept. 29, including Rosh Hashana, so the delay is expected to push the IPO listing back to at least mid-October, a second source said of the postponement, which was first reported by The Wall Street Journal.

Neither WeWork nor JPMorgan returned calls.

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The post WeWork postpones IPO for at least a month appeared first on Fox USA Live.



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