WeWork is reportedly expected to IPO in September, earlier than investors had thought

Adam Neumann

WeWork is targeting a September IPO, which is earlier than investors had previously expected, according to a Wall Street Journal report on Tuesday.
The report said WeWork has plans to sure up a $5 billion to $6 billion asset-backed loan in the coming weeks that will decrease the amount it needs to raise in its IPO.
The company's IPO paperwork is reportedly expected to become public in August, and its stock-market debut would follow in September.
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WeWork wants to go public sooner than anybody thought.

According to a Wall Street Journal report on Tuesday, the co-working startup is targeting a September IPO, which is earlier than investors had previously expected.

The report said WeWork has plans to sure up a $5 billion to $6 billion asset-backed loan in the coming weeks that will decrease the amount it needs to raise in its IPO. Still, WeWork — which is officially known as The We Company — is expected to try to raise "several billion" in its public offering, people familiar with the matter told The Journal.

The company's IPO paperwork is reportedly expected to become public in August, and its actual listing on the stock market would happen in September.

WeWork declined to comment to Business Insider.

WeWork confidentially filed to go public last December, and in its last funding round, the startup was valued at an impressive $47 billion. To date, the company has raised $10 billion in venture funding and debt funding since its founding in 2011.

Still, WeWork has yet to turn a profit. According to a recent financial report viewed by Business Insider, WeWork had $1.93 billion in net losses in 2018 alone.

Adam Neumann, the company's CEO and co-founder, has also been scrutinized over some of his business practices, including leasing properties in which he has ownership back to WeWork. Most recently, it was reported that Neumann cashed out some of his stake in the company and took debt out against his holdings to the tune of $700 million.

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