Ucommune, China's largest joint office space provider, has submitted a secret prospectus to US securities regulators, intending to make an initial public offering by the end of the year.
Investment bankers were surprised by the company's decision to seek a listing, as the company's operating model is quite similar to that of us struggling rival Wework, which was forced to accept a $10 billion rescue plan this week after investors gave a cold reception to its IPO.
The Beijing based factory was valued at $2.6 billion about a year ago. The company has hired Citigroup (CSGN. S) and Credit Suisse (CSGN. S) to arrange the listing, and Bank of America (BAC. N) is involved, but plays a relatively minor role, the source said.
A prospectus was submitted to the securities and Exchange Commission at the end of September, and the company held several meetings to test investors' intentions before the formal public marketing process, the source said.
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