It is reported that shared office giant WeWork finally made its debut on the New York Stock Exchange today, and its shares rose as much as 8% at the start of trading.
In March, WeWork announced that it would go public through a merger with blank check company BowX Acquisition Corp. The deal values WeWork at about $9 billion, including debt.
Today, WeWork finally made its debut on the New York Stock Exchange under the ticker symbol "WE". WeWork shares rose as much as 8 per cent at the start of trading. As of press time, WeWorkstock was trading at $11.19, up 7.85%.
In fact, as early as August 2019, WeWork formally submitted its IPO (initial public offering) prospectus to the Securities and Exchange Commission (SEC), announcing its intention to go public. But at the end of September of the same year, WeWork withdrew its listing application.
According to the report, WeWork considered postponing IPO mainly because the company realized that the valuation given by the public market was much lower than that of private equity financing before WeWork. Peak periodSoftbank Corp.It valued WeWork at $47 billion.
Marcelo Krauer, executive chairman of WeWork, said in an interview with the media today: "it has been said that this is a dramatic story and that this is the end of WeWork." But WeWork resisted, and their persistence was incredible. Today, WeWork is more powerful than ever. There is no doubt that we will celebrate more milestones. "