The We Company, owner of the shared-office provider WeWork, has publicly published the prospectus for its initial public offering, providing a wealth of previously unseen information on its growth.
WeWork’s core business starts with leasing properties from landlords, it now consists in taking out long-term leases on commercial real estate, spiffing up the spaces with amenities like fashionable furniture and then it rents out individual offices and larger suites to other companies. Among the disclosure in the filing, the company reported it lost more than USD 900 Million in the first half of 2019, compared with a loss of USD 7722.89 Million a year earlier, it said USD 215 Million of its loss so far this year was attributable to other investors who have funded its growth in Asia. In the same period, the company’s revenue more than doubled to USD 1.54 Billion.
WeWork has grown rapidly since its founding by Mr. Neumann and Miguel McKelvey nearly a decade ago in New-York’s SoHo district. It now counts more than 520 offices across 111 cities. The IPO is planned for as early as September, the WeCompany did not say how many shares it planned to sell or at what price it would list it stock. The group will list its class A shares under the ticker WE.