Backed by billions by SoftBank and its mammoth Vision Fund, the exit is expected as soon as next month.
The New York-based company, valued at $47 billion earlier this year, has long been rumored to be plotting a massive IPO despite towering losses. The business recently disclosed steep 2018 net losses of $1.9 billion on revenue of $1.8 billion. To convince Wall Street it’s a business worthy of their investment will be a challenge, to say the least.
In its filing, WeWork disclosed revenue north of $1.5 billion in the six months ending June 30 on losses of $904.6 million.
WeWork has raised a total of $8.4 billion in a combination of debt and equity funding since it was founded in 2011. Its IPO is poised to become the second-largest offering of the year behind only Uber, which was valued at $82.4 billion following its May IPO on the New York Stock Exchange.
WeWork plans to sell shares of its stock under the ticker symbol “We” with the share price yet to be determined.
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