The We Co., parent of office space rental company WeWork is poised to delay its initial public offering, according to a published report late Monday.
WeWork is expected to put off its offering until October at the earliest, The Wall Street Journal reported, citing unnamed sources.
Financial advisers and investors were pushing for changes in the company’s corporate governance to limit co-founder Adam Nuemann’s voting power, and remove his wife from any role in selecting a successor CEO, the Financial Times reported last week.
The company’s valuation reached $47 billion earlier this year at the time Softbank invested $2 billion. In the runup to the IPO roadshow, which was expected to begin Monday, the company was garnering valuations in the neighborhood of $15 billion.