WeWork is formally withdrawing the prospectus for its initial public offering.
The flexible office giant still plans to operate as a public company in the future, its co-chief executives said in a Monday statement.
Co-chief executives Artie Minson and Sebastian Gunningham said: “We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong. We are as committed as ever to serving our members, enterprise customers, landlord partners, employees and shareholders. We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future.”
The news comes just a week after the SoftBank-backed startup removed founder Adam Neumann as its chief executive.
WeWork had postponed the share sale earlier in September, following push-back from stock market investors over its increasing losses and Neumann’s leadership style.
SoftBank invested in the startup at a $47bn valuation in January. But investor scepticism led it to consider a potential IPO valuation of as low as $10bn earlier this month, according to reports.
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