The prolonged stock market listing of New York-based real estate firm WeWork has continued, as its parent company, We Company, has revealed to investors that any listing will be delayed until the end of the year.
WeWork was due to begin marketing plans for the flotation this month however, concerns have grown over what firm is worth.
On Monday, We Company said it planned to complete the listing by December: “The We Company is looking forward to our upcoming [initial public offering], which we expect to be completed by the end of the year. We want to thank all of our employees, members and partners for their ongoing commitment.”
WeWork’s stock market debut was initially put in doubt after SoftBank, the Japanese investment firm that owns 30% of the company, urged the company to drop its flotation plans.
The pressure follows signs that many of the firm’s other investors do not value WeWork as highly as SoftBank did when it invested last year.
SoftBank reportedly valued WeWork at around £38bn but in recent month’s the firm’s worth has fallen below £16bn, as investors question its corporate structure, governance and profitability chances for the future.