WeWork's parent company has decided to list its shares in Nasdaq and plans to make major changes to its corporate governance as the joint workforce provider accelerates preparations for its much anticipated IPO given investors' dull interest.
The steps are part of a plan by We Co., as the company is officially known, with the official marketing of the shares to investors starting next week before a trading debut in the week of September 23rd.
The company is expected to set a preliminary price range next week. We and our advisors are seeking a rating that could fall below $ 20 billion, as the Wall Street Journal previously reported. This is well below $ 47 billion set in a round of financing earlier this year. This reflects the skepticism towards corporate governance and the ability to lift large losses right by special shares, the effect of which has recently been increased.
His wife, Rebekah Neumann ̵
Potential investors have also challenged Mr. Neumann's $ 100 million in revenue and more than $ 740 million in loans tied to his business, according to the Wall Street Journal and regulatory filings were.
We officials and their advisers have been in an intense series of discussions over the past few days as the question is stirred up as to whether the company will accept the offer, one of the biggest in a potentially record-breaking year for new issues. However, the choice of a stock exchange listing, along with the expected downsizing and corporate governance review, shows that the company has decided to plow forward – even if it means raising less than originally hoped.
An important motivational factor is $ 6 billion in loans that we have arranged and that depend on at least $ 3 billion to be raised on the stock offering.
IPO intoxication this year sparked a fierce battle between the NYSE and the Nasdaq, where large IPOs are viewed as franchise-defining opportunities that can help them make subsequent deals, become important marketing tools, and to represent new sources of trade revenue. The We listing was considered one of the biggest prices in the second half of the year after Nasdaq landed
and the New York Stock Exchange landed
and the direct listing of
in the first half.
Peloton Interactive Inc. plans to make a debut in the coming weeks on Nasdaq and Endeavor Group Holdings Inc., the parent company of Hollywood's largest talent agency, is set to begin trading on the NYSE.
] We waited unusually long to decide on an exchange. As a rule, large companies choose one when they publicly announce an IPO. There are some companies that wait longer, but the IPOs of recent years have chosen a trading venue much before the time of We – just days before the start of the investor roadshow – and thus a sign of the backlog -scenes Scramble to the Keep up to date with the list.
Despite questions and concerns from investors, Mr. Neumann has declared privately that he is determined to accelerate the IPO.
In talks earlier this week with executives from
Neumann, the company's largest shareholder, said he did not expect any significant changes for next year, and felt the most important thing now was to raise a large amount of money so he could continue his expansion plans.
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