The year 2018 was somewhat remembered across Wall Street by numerous tech IPOs that went for becoming publicly traded companies.
The trend continues even in 2019, while companies such as Pinterest (PINS), Lyft (LYFT), Zoom (ZM) and more tech companies, have already went public in the first quarter and the beginning of Q2 2019.
A prominent tech company We Work also announced going public, submitting their filing to SEC on the last day of April 2019.
We Work Said to Be the Biggest IPO After Uber in 2019
As Wall Street is waiting to see the biggest announced IPO hitting the stock market in May as originally announced, Uber, another tech company is getting ready to go public.
We Work announced IPO, having been evaluated at 48 billion dollars, which makes it the second-biggest IPO after Uber in 2019 by far, as Uber IPO has been evaluated between 90 billion and 100 billion dollars.
We Work IPO: SoftBank the Largest Holder for the Company
We Work received 12 billion dollars in funding from SoftBank since 2010, having SoftBank become the biggest holder of the company.
Previously, back in December 2018, SoftBank was supposed to buy the majority stake, however, SoftBank instead increased its minority stake by 2 billion dollars in January 2019.
Although We Work is presented as the biggest IPO of 2019 after Uber, SoftBank’s retreat from becoming a major stakeholder have probably pushed the evaluation down from 47 billion to around 20 billion dollars.
Share price for We Work is yet to be determined while the company is waiting for IPO to become an official case.
In the meanwhile, We Work lost 1.9 billion dollars to the revenue of 1.8 billion, said to be the side-effect of investing in business growth.