SYDNEY/HONG KONG: Citigroup and Credit Suisse have dropped out of the U.S. initial public offering of Chinese shared workspace provider Ucommune, baulking at its desired valuation, two people with direct knowledge of the matter said.
Ucommune did not immediately respond to a request for comment, while Citigroup and Credit Suisse declined to comment. Ucommune raised US$200 million in November last year, giving the Beijing-based group a valuation of US$2.6 billion.At least one adviser warned Ucommune in recent weeks that it would likely get a lower valuation from its IPO - a so-called down round when the latest funding gives a company a lower valuation than the preceding one - one of the sources said.
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