Exclusive: WeWork considers dramatic valuation cut in IPO

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WeWork owner The We Company may seek a valuation in its upcoming initial public offering of between $10 billion and $12 billion, a dramatic discount to the $47 billion valuation it achieved in January, people familiar with the matter said on Friday.

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(Reuters) – WeWork owner The We Company may seek a valuation in its upcoming initial public offering of between $10 billion and $12 billion, a dramatic discount to the $47 billion valuation it achieved in January, people familiar with the matter said on Friday.

FILE PHOTO: The WeWork logo is displayed on the entrance of a co-working space in New York City, New York U.S., January 8, 2019. REUTERS/Brendan McDermid/File Photo

Were the We Company to delay its IPO, it would have to find debt financing to replace a $6 billion loan package it clinched from banks last month. This debt deal is contingent on the We Company raising at least $3 billion in its IPO.

Talks were ongoing on Friday between Neumann and Son about whether SoftBank would participate in the We Company’s IPO, with no decision yet taken, one of the sources said. The Wall Street Journal reported earlier on Friday that SoftBank was considering spending at least $750 million to buy shares in the IPO.

The last time SoftBank invested in the We Company was in January at a $47 billion valuation, injecting $2 billion of cash in the New York-based startup.

Reporting by Joshua Franklin in New York, Anirban Sen in Bangalore and Jessica DiNapoli in Washington, D.C., Additional reporting by Herbert Lash in New York; Editing by Nick Zieminski and Matthew Lewis


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WeWork owner The We Company may seek a valuation in its upcoming initial public offering of between $10 billion and $12 billion, a dramatic discount to the $47 billion valuation it achieved in January, people familiar with the matter said on Friday.

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