SoftBank Group , a top shareholder in the holding company of U.S. office-sharing startup WeWork, is urging it to shelve a planned IPO on concerns ...
REUTERS: SoftBank Group , a top shareholder in the holding company of U.S. office-sharing startup WeWork, is urging it to shelve a planned IPO on concerns over the valuation that can be achieved in a listing, the Financial Times reported on Monday.
A SoftBank spokeswoman declined to comment on the report, which cited sources familiar with the matter.Investor scepticism has already forced money-losing The We Company to weigh slashing its IPO valuation to a little more than US$20 billion, sources told Reuters last week, following weak initial trading at other startups including SoftBank-backed Uber Technologies Inc .
While SoftBank and its US$100 billion Vision Fund emphasize their long term investing credentials, founder and CEO Masayoshi Son has set out an ambitious IPO pipeline for its tech investments, spanning ride-hailing, fintech and health startups. Putting the IPO of We Company on hold would disrupt that schedule at a time when SoftBank is seeking funds from investors for a second Vision Fund.
SoftBank made a follow-up investment in We Company, one of its biggest tech bets, at a US$47 billion valuation earlier this year - a number widely treated with scepticism by analysts.
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