Tuesday, September 10, 2019

SoftBank urges WeWork to shelve IPO | FT

Fund different
"SoftBank and its Saudi-backed Vision Fund have pumped more than $10bn into the office space provider. But SoftBank’s enthusiasm for a listing has waned as bankers have slashed the valuation they believe the We Company can attain when it lists.

Advisors for the We Company were said to still be testing investor appetite at a valuation of between $15bn and $20bn, according to people briefed on the matter. That is far below the $47bn valuation given to WeWork when SoftBank invested $2bn in the business this year.

SoftBank itself is trying to raise $108bn for a second Vision Fund to invest in technology start-ups. The Japanese group could face challenges raising that sum if the We Company were to list at a steep discount to its last funding round, the people said."
SoftBank urges WeWork to shelve IPO | FT

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