WeWork Float Delayed

Expectations were high for the office space sharing firm, but there are concerns over its valuation and corporate governance

James Gard 17 September, 2019 | 12:10PM

WeWork

One of the most hotly anticipated IPOs of this year is set to be delayed. WeWork, the tech unicorn that provides shared offices for startups, had been expected to float this month with a valuation of just under $50 billion. This week the firm was expected to drum up interest from shareholders for the float, but its latest filing pushes this back to “the end of the year”, the firm says.

Concerns had been raised in recent weeks by investors over a number of issues, including corporate governance and valuation. WeWork itself is owned by The We Company, and founder Adam Neumann would retain voting rights worth 20 times that of ordinary shareholders. Neumann also received just under $6 million in stock for trademarking the “We” brand, a slab of stock he has just returned.

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James Gard  is content editor for Morningstar.co.uk

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