WeWork-parent We Co. goes public with IPO filing

WeWork-parent The We Co. has publicly filed for an initial public offering of common stock. The provider of shared office spaces said it will offer Class A shares to the public, which have one vote per share. The company has not yet provided details on the number of shares it will offer in the IPO, or the expected pricing. We had confidentially filed for an IPO in April, when it was valued at about $47 billion, according to a report in The Wall Street Journal. The company will also have Class B and Class C shares, which have 20 votes per share. The lead underwriters of the IPO are J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC. The company recorded a net loss of $1.61 billion on revenue of $1.82 billion in 2018, after a loss of $884.0 million on revenue of $886.0 million in 2017. The company is looking to go public at a time that the Renaissance IPO ETF has gained 2.7% over the past three months, while the S&P 500 has advanced 3.2%.

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