Feb 21, 2019 (China Knowledge) - Chinese co-working space provider Ucommune is hoping to get a USD 3 billion valuation during its planned initial public offering (IPO) on Nasdaq which could take place as early as in the third-quarter this year.
The company which was reportedly valued at USD 2.6 billion during its latest funding round has now decided to go for a listing on Nasdaq after previously considering to go public on the Hong Kong stock exchange.
Ucommune which claims to have hit a valuation of USD 3 billion during its last series D funding round led by Hong Kong based All-Stars Investment where is raised USD 200 million has now raised USD 650 million to date through 9 funding rounds.
The company which is China’s first co-working unicorn and Asia’s largest co-working space operator currently has 200 locations in 37 cities globally such as Singapore, New York, Shanghai, Beijing, Hong Kong and Taipei plans to expand its operations to reach 350 locations over 40 countries around the world within the next three years.
In May last year, Ucommume had acquired one of its smaller rivals Workingdom as part of its expansion plans, adding an additional 20 locations and 50,000 square meters of working space to its portfolio.
Ucommune envision itself to be more than just a company that provides its customers a place to work but a space where its customers can form partnerships, networks and do business together.
In recent times, China’s co-working space sector has been expanding rapidly with a year-on-year growth of 30%. It is estimated that the total operating area of co-working spaces in China will reach 51 million square meters this year with 30% of the country’s office space operating as co-working spaces by 2030.
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