WeWork reportedly pressured by SoftBank to shelve IPO

SoftBank, WeWork's largest outside shareholder, wants the office-space subleasing company to shelve its embattled IPO process which has received a chilly reception from potential investors, according to the Financial Times.

It is the latest blow to WeWork which has also reported cut its projected valuation to under $20 billion, more than half the $47 billion valuation it got from its last fundraising round.

But WeWork is still planning to hold an investor roadshow this week to drum up interest in the IPO, the report said.

Here's a roundup of Business Insider's WeWork coverage.

SoftBank, WeWork's largest outside shareholder, is urging the office-space subleasing company to pause its embattled IPO process following a chilly reception from would-be investors, reports the Financial Times' Eric Platt and James Fontanella-Khan.

The news comes just days after WeWork — which technically rebranded itself the We Company earlier this year — reportedly slashed its projected public-market valuation in half, ahead of what was slated to be one of the higher-profile public offerings this year.

A WeWork spokesperson told Business Insider: “The company is in a quiet period and will politely decline to comment.”

WeWork could cut the valuation for its IPO to under $20 billion, and may even postpoine the offering, the Wall Street Journal reported on Sunday, citing unnamed sources. The company had been valued at $47 billion in its last fundraising round.

The company is planning to launch an investor roadshow this week to drum up interest in the offering, the Journal reported. WeWork's underwriters are also planning to meet with investors to discuss possible changes to ensure a successful IPO, the newspaper said.

SoftBank and its Saudi-backed Vision Fund have invested more than $10 billion in WeWork, according to the Financial Times report.

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