Beijing-based Ucommune, which was valued at US$2.6 billion about a year ago, has appointed Citigroup and Credit Suisse to work on a listing, while Bank of America has a minor role on the deal, the sources said.
(Oct 25): China’s biggest shared workspace provider Ucommune has filed a confidential prospectus with the US securities regulator as it seeks an initial public offering (IPO) before the end of the year, two people with direct knowledge of the matter said.
Ucommune’s decision to explore a listing has surprised investment bankers given the similarities between its business and that of embattled US rival WeWork, which this week had to be bailed out in a US$10 billion ($13.6 billion) deal after investors soured on an IPO plan.
