WeWork delays IPO as it strives to win support

WeWork is delaying its controversial stock market float over fears that not enough investors are willing to buy into a company that some say is highly vulnerable to an economic downturn.

The US office-sharing start-up was valued at $47 billion (£38 billion) as recently as last January, since when doubts about the company’s business model have surfaced.

Last night it postponed an investor roadshow that was supposed to drum up support for a float valuing parent group We Company at between $10 billion and $12 billion.

In a brusque statement, the firm said: “The We Company is looking forward to our upcoming IPO, which we expect to be completed by the end of the year.”

It added: “We want to thank all of our employees, members and partners for their ongoing commitment.”

WeWork was founded nine years ago, offering shared offices aimed mostly at tech firms.

It has more than 5000 staff working in 32 countries.

The stock market listing now looks to be delayed until October at least.

Early investors in the company include banks JPMorgan and Goldman Sachs.