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You say to the company, well, if you can prove to us that the model actually does what it does, then it’s possible that the company is worth this in the public markets,” Solomon said. DAVOS, Switzerland (Reuters) - Goldman Sachs Chief Executive David Solomon called WeWork’s abandoned initial public offering (IPO) a great example of the listing process working on Tuesday, even if was “not as pretty as everybody would like it to be”.

Banks give you a model. I graduated from the University of St Andrews in 2018, majoring in International Relations and Modern History.

Cheap money, driven by low interest rates, is pushing investors to take risks, and this has led them to overvalue some companies’ growth projections and not focus on their underlying earnings, Solomon said. The IPO was canceled after investors raised questions about WeWork’s valuation and corporate governance arrangements that gave its co-founder Adam Neumann too much control. Reporting by Greg Roumeliotis in Davos, Switzerland; Editing by Alexander Smith Solomon told a conference panel at the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland that the process worked because due diligence and feedback by potential IPO investors “ground it in reality.” While 2019 had promised to be a bumper year for IPOs, investor confidence fizzled out.

WeWork was considering a valuation of as low as $10 billion and $12 billion at the time it was preparing for an IPO in September, Reuters reported at the time. In a widely expected move, WeWork cancelled its IPO on Monday, submitting a request with the Securities and Exchange Commission to officially withdraw its S-1 registration, initially filed in August. (Photo by Drew Angerer/Getty Images)I am a New York—based reporter for Forbes covering breaking news, with a focus on financial topics.

WeWork announces it will withdraw its S-1 filing as it seeks to postpone its highly anticipated initial public offering. The move was widely expected after turnover in the company. After the delay, attention shifted to Neumann's inappropriate antics, Neumann stepped down from his role as CEO on September 24.
Previously, I wrote about investing for Money Magazine and was an intern at Forbes in 2015 and 2016. “If you bought a package of all the IPOs that came to market in 2019 I think you returned 34% and outperformed the broader market a little bit. But there were companies that did not perform well and did not meet the expectations that were set,” Solomon said. Follow me on Twitter @skleb1234 or email me at sklebnikov@forbes.com Solomon added that the fact that Saudi Aramco’s $29.4 billion IPO attracted primarily domestic, rather than international, investors last month was because the valuation pitched to them on the local exchange was not attractive enough. Shares of some high-profile start-ups such as Uber Technologies Inc and Lyft Inc languished in the months following their listings. Ultimately, WeWork delayed its IPO on September 16.
The IPO was canceled after investors raised questions about WeWork’s valuation and corporate governance arrangements that gave its co-founder Adam Neumann too much control. “The banks were not valuing (WeWork). WeWork ended up facing a cash crunch, and was rescued by shareholder SoftBank Group Corp in October in a $9.5 billion deal that gave the Japanese group majority control.

Previously, I wrote about investing for Money Magazine and was anI am a New York—based reporter for Forbes covering breaking news, with a focus on financial topics. A few companies, such as WeWork, canceled their stock market debuts, because of investor pushback against their valuations. Goldman was one of investment banks that would have led the IPO last year, after convincing the office space-sharing start-up it could improve on the $47 billion valuation in a private fundraising round it secured in January 2019.