WeWork IPO

www.wework.com | Real Estate | Founded: 2010 | Funding to Date: $4.75B

The We Company, formerly known as WeWork, is reported to have begun weighing its IPO prospects. Originally, the firm operated as the sharing economies’ answer to office space leasing. Since then, The We Company has launched business lines to address space needs for residential businesses, schools, and gyms, among others. While their core offering still caters to commercial office space, investors in a potential IPO will look to how its new business lines could impact growth potential. Since its founding in 2010, The We Company has raised $8.9 billion in venture capital funding from backers including SoftBank, T. Rowe Price, Fidelity, and Benchmark Capital. The company soared to a $47 billion valuation in January 2019 after a $5 billion financing from SoftBank. It is worth noting that the company has also raised significant debt to fund its rapid expansion. While specific debt figures are not available, the company raised at least $1 billion in debt financing from Softbank in 2018.

The company grew revenue at robust 103 percent from 2017 to 2018. Net losses more than doubled to nearly $2 billion over the same period. Co-Founder and Chief Executive Officer, Adam Neumann, claims The We Company reached an annualized revenue of $2.5 billion in Q4:2018. The company’s member base grew 53 percent over the last year, with enterprise members now accounting for 32 percent of total membership. If the company seeks to enter public markets, investors will likely weigh if the company’s potential growth will equate to future profits. The company will need to show it can control costs more effectively.

Date of Last Funding Round August 2017
Value at Last Round $21.18 B
Amount of Last Raise $3 B
Total Funding to Date $4.75 B

ENTERPRISE VALUE (based on primary fundings)

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Mutual Funds holding WeWork

  • Fidelity Advisor New Insights Fund - December 2018

  • Fidelity Contrafund - December 2018

  • Fidelity Series Opportunistic Insights Fund - December 2018

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NEWS

Yahoo! Finance

The We Company, parent of shared office space manager WeWork, plans to host an analyst day for Wall Street banks on July 31, as the company steps up its preparations for an initial public offering (IPO), people familiar with the matter said. WeWork's decision to host the event at this stage is unusual

Forbes

Having an office space that is both literally and metaphorically open allows for our teams’ strengths to build off of one another

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