WeWork lost $690 million in first half of 2019, IPO filing shows

The office-rental company listed an offering size of $1 billion, which is typically a placeholder that will be revised when terms of the share sale are set later. WeWork had been targeting a share sale of about $3.5 billion in September, people familiar with the matter have said. That would make it the second-biggest IPO of the year, topped only by Uber Technologies Inc.’s $8.1-billion listing in May.

JPMorgan Chase & Co. and Goldman Sachs Group Inc. will be the lead underwriters on the offering. Executives from major banks had been courting the company for years. WeWork’s annual revenue more than doubled to $1.8 billion in 2018 compared to $886 million in the previous year. The full-year net loss attributable to the company widened more than 80% to $1.6 billion, from a loss of $883.9 million in 2017. It lost about $430 million in 2016.

The company said it could one day be profitable if it “stopped investing in our growth and instead allowed our existing pipeline of locations to mature.” WeWork said only 30% of its open locations are mature and that 70% of its locations had been open for two years or less. It also has a revenue backlog of $4 billion, eight times its backlog last year, it added.

WeWork — which changed its name to the We Co. in a diversification move earlier this year — has in recent weeks been looking to raise a significant amount of debt. It was seeking to borrow $2 billion through a letter-of-credit facility and $4 billion from a delayed-draw term loan, Bloomberg previously reported. Banks will have to make good on their commitments only if at least $3 billion is raised in the IPO.

Good luck WE!

Companies can lose $690 million in six months and $4 billion in 3 months and be just fine. But let your average consumer have a few thousand dollars in credit card debt and it’s a problem.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

WeWork just dropped its filing to go public, revealing its financials ahead of IPOWeWork released its much-anticipated IPO prospectus, joining a flurry of tech companies going public in 2019. if you wear the hoodie your chances of being taken serious are much better ohh 'dropped' like a single? Nice Interested in following the IPO and the short sale activity there
Source: CNBC - 🏆 12. / 72 Read more »

WeWork files for IPOThe Securities and Exchange Commission filing provides the first in-depth look at WeWork's financial results. Kode saham $wkwk This may be an indicator of the top. SAI Also available - magic beans
Source: BusinessInsider - 🏆 729. / 51 Read more »

WeWork IPO Filing Reveals Huge Revenue and LossesWeWork’s parent company unveiled the papers for its initial public offering, taking the next step toward the office-space firm’s debut as soon as September. Another cash fire. Really - they are gonna knock off Workday? HAHAHHAHHAHHAAAHHHAHAHHAHHAHHHAHA Unle Sounds like a real winner to me.
Source: WSJ - 🏆 98. / 63 Read more »

WeWork-parent We Co. goes public with IPO filingWeWork-parent The We Co. has publicly filed for an initial public offering of common stock. The provider of shared office spaces said it will offer Class A... Common theme, companies losing money go public so they can unload shares and cash out.
Source: MarketWatch - 🏆 3. / 97 Read more »

WeWork files for IPO after losing $1.9 billion last yearWeWork's parent company moves forward with plans to go public despite listing a $1.9 billion loss last year in IPO filing Who would pay for this SCAM And why? PONZI SCREAM- This Co will never make money EVER What matters is the succeeding strategy to be followed to recover the loss.
Source: cnnbrk - 🏆 393. / 55 Read more »

WeWork shows widening losses in IPO filingWeWork owner The We Company on Wednesday filed with regulators for an initial pu...
Source: Reuters - 🏆 2. / 97 Read more »