CEO of WeWork Adam Neumann
The WeWork initial public offering is full speed ahead, sources familiar with the matter tell CNBC’s David Faber, despite a number of a setbacks including a dramatic cut in its valuation and its biggest outside investor urging the controversial real estate company to shelve the offering.
The IPO roadshow is set to kick off as soon as Monday, the sources said.
WeWork’s roadshow flies in the face of reported advice from its investor SoftBank, which urged the We Co. to shelve the IPO. The We Co. is the formal parent company of WeWork. Founded in 2010 by CEO Adam Neumann, the company rents out work spaces to start-ups and other businesses.
SoftBank will likely face a multi-billion dollar write down if WeWork debuts at a valuation between $15 and $20 billion. The fund had invested $2 billion in WeWork in January at a reported valuation of $47 billion. But WeWork’s valuation was dramatically slashed, sources told Faber last week, as demand for the IPO was not there.
This is a developing story. Check back for updates.
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