Ucommune promises US initial public offering

Ucommune has claimed to have filed for an IPO with the US securities regulator and is looking to target a public listing before the end of the year

The Beijing-based shared office unicorn, which is one of WeWork’s biggest rival in mainland China, lodged a confidential prospectus with the US Securities and Exchange Commission in September.

The move by the four-year-old company founded by former Vanke Executive Mao Daqing comes just over a month after WeWork was forced to shelve its IPO due to investor skepticism over the company’s prospects and growing doubts concerning valuations for co-working operators.

Mao has been talking up his intention to list the company on the stock market since early 2018 and said he had decided to shelve plans for an IPO in the third quarter of last year due to market uncertainty.

Citigroup and Credit Suisse On Board

Ucommune, which operates 200 locations across 37 cities including New York and Singapore, has held preliminary meetings to gauge interest from investors and is gearing up for a formal public marketing drive, while a decision to go ahead with the IPO will still depend on investor feedback, according to the sources who spoke with Reuters.

Citigroup and Credit Suisse are said to have been brought on board to work on a listing, while Bank of America has a minor role on the deal. An earlier report by tech news site The Information indicated that Ucommune would list on the NASDAQ exchange.

An enquiry from Mingtiandi to Ucommune officials regarding the reported filing had not been answered at the time of publication.

Read more here

Join us November 13-15 for the Property Portal Watch Conference Madrid 2019.