Despite IPO woes, WeWork plugs on with expansion in Southeast Asia

Despite abandoning an initial public offering last week due to investor concerns over its valuation and business model, WeWork appears to be trudging on.

According to a Reuters report, the office-sharing startup will open new locations in Singapore and the Philippines this year. This comes even as it seeks a $1 billion lifeline from its biggest-backer Softbank Group Corp for a major restructuring.

The New York-based firm plans two new offices for co-working in Singapore and two in Manila, it was announced earlier this week.

Interestingly, these developments follow reports that its parent, The We Company, was considering curbing expansion plans in China to control costs.

The loss-making start-up is looking to trim its workforce and slow expansion to preserve cash as it seeks alternative sources of funding, sources have told Reuters.

A WeWork spokeswoman said in an email on Thursday that the company was “strengthening WeWork’s presence in the region”.

WeWork now has 25 locations across Southeast Asia, 12 of them in Singapore.