WeWork's China Rival Is Said to Seek Up to $200 Million U.S. IPO
- Ucommune is said to prep a stock sale of at least $100 million
- WeWork is one of many players in China’s shared-office space
Ucommune is preparing to raise as much as $200 million in a 2020 U.S. initial public offering, people familiar with the matter said, a capital infusion that would help the loss-making Chinese startup battle WeWork Cos. across the world’s No. 2 economy.
The four-year-old company is seeking to raise at least $100 million, they said, asking not to be identified discussing private matters. Ucommune had reportedly targeted an IPO in 2018’s third quarter but market turbulence engendered by U.S.-Chinese tensions forced it to back off, they added. The deal is in its preliminary stages and subject to change, they said, but a successful transaction will help re-fill coffers drained by a race with WeWork to set up shared office spaces from Beijing to Shenzhen.