Coworking giant WeWork Companies Inc. is planning to make its IPO filing public as soon as the week of Aug. 12, Bloomberg News reported, citing people familiar with the matter.
The New York-based company filed its IPO paperwork confidentially in December 2018 and is projected to raise several billion dollars in the planned offering. Publicly disclosing the plan in August puts WeWork on course for a debut on the stock market in September.
The company was recently reported to have adopted a structure known as an umbrella partnership corporation, or Up-C, ahead of a planned IPO, with the move expected to provide tax benefits to co-founder and CEO Adam Neumann and pre-IPO investors. The projected size of the offer would be the largest capital raising of any company going public as an Up-C.
WeWork has also reportedly received commitments from at least 10 banks led by JP Morgan for $6 billion in credit facilities — contingent to the company's ability to successfully carry out the IPO.