After its planned 2019 initial public offering went down in a spectacular fireball, WeWork on Thursday finally became a listed company. It completed its merger with blank-check vehicle BowX Acquisition on Wednesday, and the shares opened at around $11 apiece on the New York Stock Exchange the next morning, up 10% from the illustrative level when the SoftBank Group-backed office-sharing outfit struck its merger deal back in March. It gives WeWork an equity value just shy of $9 billion.
office-sharing outfit struck its merger deal back in March. It gives WeWork an equity value just shy of $9 billion.
The company has already been through a reset since the debacle two years ago, when a crazy private-market valuation of $47 billion, combined with huge cash burn and an overweening figurehead, Adam Neumann, brought WeWork’s IPO to a dramatic halt. SoftBank ousted Neumann and rescued the group. Unlike some businesses that go public by merging with special-purpose acquisition companies, WeWork, now run by Sandeep Mathrani, has already had its baptism of fire.
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