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Companies

SoftBank urges WeWork to shelve IPO

Cool reception from investors to proposed float of lossmaking property group

WeWork's listing document raised concerns over co-founder Adam Neumann’s influence over the US office space provider.   © Reuters

NEW YORK (Financial Times) -- SoftBank, the biggest outside shareholder in WeWork, is urging the lossmaking property group to shelve its hotly anticipated initial public offering after it received a cool reception from investors, according to people briefed on the discussions.

WeWork's parent company, the We Company, has been aiming to raise between $3bn and $4bn in its flotation. But it has faced criticism from investors and analysts on Wall Street over its governance, payments made to co-founder and chief executive Adam Neumann and its use of a complicated corporate structure.

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