IPOs

The We Company picks the Nasdaq and makes further governance changes in latest filing

The We Company, which provides premium flexible shared work space in major global cities, submitted an amended filing on Friday, which included its decision to list on the Nasdaq, the addition of 22 co-managers, and several updates to governance. Various news outlets reported that it may launch its offering as soon as next week.

Governance
In addition to the governance changes made in the most recent amendment, the parent of WeWork stated that it would add another director and appoint a lead independent director by year-end, reduce the voting power Class B and C stock primarily by co-founder, CEO, and Chairman Adam Neumann from 20 votes per share to 10, eliminate the ability to transfer high-vote stock, and that the board has the ability to remove the CEO and select a new one.

New underwriters
Joining the nine joint bookrunners, We Co. added 22 co-managers: BMO Capital Markets, Mizuho Securities, Credit Agricole CIB, Cowen, Deutsche Bank Securities, Evercore ISI, Needham & Co., Stifel, Academy Securities, Blaylock Van, C.L. King & Associates, CastleOak Securities, Drexel Hamilton, Great Pacific Securities, Loop Capital Markets, Mischler Financial Group, Penserra Securities, R. Seelaus & Co., Ramirez & Co., Roberts & Ryan, Siebert Cisneros Shank & Co, and The Williams Capital Group.

The We Company was founded in 2010 and booked $2.6 billion in revenue for the 12 months ended June 30, 2019. It plans to list on the Nasdaq under the symbol WE. J.P. Morgan, Goldman Sachs, BofA Merrill Lynch, Barclays, Citi, Credit Suisse, HSBC Corporation, UBS Investment Bank and Wells Fargo Securities are the joint bookrunners on the deal.

The article The We Company picks the Nasdaq and makes further governance changes in latest filing originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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