China co-working space firm Ucommune files for US IPO - report

October 25, 2019 15:34
A co-working space in Beijing. China's biggest operator of such facilities is eyeing a US listing by the end of this year. Photo: Bloomberg

Ucommune, China’s biggest shared workspace provider, has filed a confidential prospectus with the US securities regulator for a planned initial public offering, Reuters reports, citing sources with knowledge of the matter.

A prospectus was lodged with the Securities and Exchange Commission in late September, and the Beijing-based firm has held preliminary meetings to sound out investors, the report said.

Ucommune, which was valued at US$2.6 billion about a year ago, is said to have appointed Citigroup and Credit Suisse to work on a listing, with Bank of America also having a minor role.

A decision to go ahead with the IPO will depend on the feedback provided by potential investors, sources told Reuters.

The company's aim is to launch the flotation before the end of the year.

Ucommune has shared workspaces in 200 locations across 37 countries, led by Beijing, Shanghai, Hong Kong and Los Angeles and New York, according to its website.

In November last year, it finalized its fourth private funding round when it raised US$200 million and said it would expand to 350 locations within the next three years.

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