The Indian Wire » Startups » WeWork in talks to raise upto $4 billion in next few months

WeWork in talks to raise upto $4 billion in next few months

WeWork, a co-working platform, based out of New York, has planned to raise as much as $4 billion (approx ₹27,749 crore) in debt in the next few months ahead of its initial public offering, reported ET, citing the Wall Street Journal published article.

The fund will help the company drive growth until it’s profitable. The debt offering could raise as much as $10 billion in the next few years, the newspaper said. 

Goldman Sachs Group Inc., JPMorgan Chase & Co. and possibly other banks are working on the deal, the newspaper reported, adding that WeWork Chief Executive Adam Neumann met Jamie Dimon and David Solomon in recent weeks.

The New York-based company has been in talks with banks on a debt sale since earlier this year. In May, Bloomberg News reported that it’s arranging a $2.75 billion credit line ahead of a planned IPO, according to people with knowledge of the matter.

WeWork said in April it had filed paperwork confidentially with the U.S. Securities and Exchange Commission for an IPO.

WeWork is an American company, founded by Adam Neumann and Miguel McKelvey in 2010. The company provides shared workspaces for technology startup subculture communities, and services for entrepreneurs, freelancers, startups, small businesses and large enterprises.

While, according to CB Insights, the company, last valued at $47 billion, pioneered the concept of shared work spaces, expanding to more than 500 office locations in 100 cities.

With trendy work areas, colorful phone booth-like conversation areas and lively community hangouts serving beer on tap, the startup has reshaped office practices around the world.

Besides, there are other global giants that fall under the co-working category, includes Regus, Servcorp, Knotel, and many more.

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