• Wall Street.WeWork postpones its IPO at the end of the year
  • USA: Adam Neumann resigns as CEO of WeWork

The We Company, parent of the WeWork office and space rental multinational, has indefinitely canceled its IPO a little more than two weeks after having delayed it until the end of the year, the company said in a statement.

"We have decided to postpone our public offer of sale (OPV) to focus on our core business, whose fundamentals remain sound," said CEOs, Artie Minson and Sebastian Gunningham .

The movement also occurs less than a week after the former CEO of the company, Adam Neumann , decided to leave office for the "scrutiny" of the media and investors on how to manage the company.

"We are as committed as ever to serving our members, business customers, proprietary partners, employees and shareholders. We intend to operate WeWork as a listed company and we look forward to revisiting the stock markets in the future," added the executives

Disappointing figures

The newly created company had initially been valued at 47,000 million dollars , which made it one of the best valued for a IPO, but in recent days the specialized media indicated that the valuation could fall to 20,000 millions or even below.

According to the documents delivered to the stock market regulators, the company had net losses of 1.9 billion dollars in 2018, something that, according to WeWork, is due to the fact that at the moment they are focused on growing, but it does not stop worrying the investors.

In the first half of fiscal year 2019, the company entered 1,540 million dollars and recorded net losses worth 900 million.

Another factor that complicates the operation is the disappointing Stock Market debut of SmileDirectClub, a dental care start-up that fell 28% on its first trading day last week.

The company has more than half a million subscribers in 528 spaces that it rents in 124 cities in 37 countries of the world, including Madrid, Barcelona, ​​Buenos Aires, Rio de Janeiro, Sao Paulo, Santiago de Chile, Bogotá, Medellín, Lima, Mexico City and San José.

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