FILE PHOTO: a man dressed in A WeWork co-working space in New York City, New York, New York, USA on January 8, 2019. REUTERS/Brendan McDermid/File Photo
(Reuters) – WeWork, the parent company of The Company, said, ” on Monday, the file will have to pull its ipo, a week after they turned-to-back-office parts of the boot, removed the founder, Adam Neumann, chief executive officer of the company.
WeWork’s decision to pull out of the IPO has been widely expected, after the company postponed the sale of the shares earlier in September, following a push-back from the perspective of stock market investors about the scope of losses and the Stand’s unusually tight grip on the company.
“We have decided to postpone our IPO, in order to focus on our core business, the fundamentals of which is expected to remain robust,” WeWork’s recently-named co-Ceo’s Artie Minson, and Sebastian Gunningham, said on Monday.
“We have the intention to work with WeWork, as a limited liability company, and is looking forward to the review of the markets in the future,” Minson and Gunningham have been added.
SoftBank, which owns nearly one-third of the Company’s investment in the startup at a $47 billion valuation in January. However, investor skepticism has led to the release earlier this month, it was considering a potential IPO valuation of as low as $10 billion, Reuters reported.
We’re a Company had promised to make up for the exercise by the IPO of the company, and the completion of the sale of the shares in issue at the end of the year, after Neumann, stepped down as chief executive officer. However, sources told Reuters last week that the initial public OFFERING was unlikely to be completed this year.
WeWork is doomed from the IPO of the company, it is a rough time for start-ups that have been public in the past few weeks. Last week, a work Group, pulled its initial public offering (IPO), while the shares of Peloton Interactive, Inc., the creation of a startup well-known for the on-demand workout programs at home exercise equipment, falling as much as 7 percent in their market debut.
Earlier in September, with the teeth alignment of business SmileDirectClub Inc., opened up for a disappointing debut.
Ride-hailing companies Uber Technologies Inc. and Lyft Inc. in addition, the general public earlier in the year with high expectations, but its shares have tumbled since then, after investors worried about the steep losses.
Reporting by Anirban Sen; Editing by Shounak Dasgupta and Nick Zieminski