WeWork will proceed with its IPO plans and could begin courting investors as early as next week, according to a new report from CNBC's David Faber and Michael Sheetz.
WeWork rebranded itself as The We Company earlier this year to prepare for its IPO and filed its S-1 in August. However, the company has faced increased scrutiny regarding the long-term viability of its real estate investments and co-working space business.
Skepticism from investors has reportedly led WeWork to set its valuation at about $20 billion for the IPO, less than half of the $47 billion valuation the company announced earlier this year. WeWork's S-1 revealed that the company is not profitable— in 2018 The We Company generated $1.8 billion in revenue but suffered $1.9 billion in losses.
Read more: WeWork isn't even close to being profitable — it loses $219,000 every hour of every day
Softbank, The We Company's largest outside shareholder, reportedly asked the company to delay its IPO. SoftBank and its Saudi-backed Vision Fund have invested more than $10 billion in WeWork, and CNBC notes that it could face a multi-billion-dollar write-down if WeWork makes it debut with a valuation between $15 and $20 billion.
The We Company did not immediately respond to Business Insider's request for comment.
WeWork's roadshow to seek out potential investors could begin as early as Monday, September 10, CNBC reports.
