SoftBank Pushes WeWork to Postpone Its Contentious IPO
- WeWork’s biggest-backer acts amid worries over valuation drop
- Office rental company already considering junk bonds
Executives of WeWork and its largest investor, SoftBank, are discussing whether to shelve plans for an initial public offering of the money-losing co-working company, said people with knowledge of the talks.
SoftBank is pressing WeWork to postpone the stock offering after investors expressed serious concerns about the business and its corporate governance, said the people, who asked not to be identified because the discussions are private. WeWork, which owns or leases office space and then rents it to companies typically needing short-term space, had planned to hold a roadshow to promote the offering as soon as this week, an executive told analysts last week. Representatives for SoftBank and We Co., the parent of WeWork, declined to comment.