SoftBank (OTCPK:SFTBY), the biggest outside shareholder in WeWork, is urging the lossmaking property group to shelve its IPO, FT reports.
Advisors for the We Company (WE) were said to still be testing investor appetite at a valuation of between $15B-$20B, far below the $47B valuation given to WeWork when SoftBank invested $2B in the business this year.
If the company cancels the IPO, it stands to miss out on nearly $10B of capital, likely halting an aggressive expansion that has seen WeWork open 528 locations in more than 110 cities.
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