WeWork to unveil IPO filing as soon as next week

[NEW YORK] WeWork is planning to make public its prospectus for its initial public offering (IPO) as early as next week, according to people familiar with the matter, unveiling the full financial picture of the office-sharing startup for the first time.

The New York-based company will test public investors' appetite for cash-burning startups after the tepid debut of Uber Technologies, the largest IPO of the year. WeWork is looking to raise more than US$3.5 billion, Bloomberg has reported, which would make it the second-largest US IPO this year.

The company said in April it had filed paperwork for the initial public offering confidentially with the US Securities and Exchange Commission. No final decision has been made and the timing of the public filing could still change, the people said, asking not to not be identified because the matter is private.

A representative for WeWork declined to comment.

WeWork has disclosed select financial information since it started selling bonds in 2018. The company lost US$1.9 billion last year on US$1.8 billion in sales.

WeWork, based in New York, has been targeting a September IPO, people familiar with the company's plans said in July. It has also been in talks to raise billions in debt.

BLOOMBERG