The chief executive of WeWork Cos Inc said on Wednesday the coworking space startup he co-founded is now generating $1 billion a year in revenue at current rates and will launch an initial public offering, but did not say where or when.
Adam Neumann, whose company is now valued at some $17 billion, said the exchange where WeWork will list its shares is undecided, addressing a lunch event at the Economic Club of New York, held at the New York Stock Exchange.
He praised NYSE Group President Tom Farley, who runs the exchange, for his persistence in seeking WeWork's listing. NYSE Group is owned by Intercontinental Exchange Inc.
Neumann, who was quizzed by Farley in front of almost 200 people at the lunch, said his company will conduct an IPO, but did not say when that might occur.
The company, which operates 149 locations in 15 countries, now has about 120,000 members who pay on average $650 a month each, Neumann said. Five to 10 new sites open every month.
WeWork has raised about $1.8 billion from investors and venture capital funds since it began operations six years ago.