JPMorgan in pole position to lead WeWork IPO after debt offering: sources

NEW YORK: WeWork owner The We Company has tapped JPMorgan Chase & Co to head an upcoming debt offering, putting the bank in pole position to lead a planned initial public offering later this year, people familiar with the matter said.

Other banks, including Goldman Sachs , are also expected to have prominent roles for the IPO, the sources said. Leading the WeWork IPO would be a coup for JPMorgan and means it would occupy the lead spot on two of the three largest IPOs of 2019, having led preparations for the Lyft Inc listing in March. Rival Morgan Stanley was the lead bank on the Uber Technologies Inc IPO in May.In proceeds from U.S. IPOs for this year as of Aug. 1, Goldman Sachs is on top, with Bank of America Merrill Lynch , JPMorgan and Morgan Stanley following, according to Refinitiv data.

WeWork has helped popularize"coworking", or shared desk-space, with a focus on startups, entrepreneurs and freelancers, and has received significant backing from some of the world's biggest investors, including Japan's SoftBank Group .

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