Eric Platt in New York and James Fontanella-Khan in London  –  Financial TimesSep 17, 2019, 5:18am EDT

WeWork shelved its initial public offering on Monday night after struggling to drum up investor interest in the multibillion-dollar listing, in an embarrassing setback for the New York-based property group.

The company had planned to launch a roadshow marketing the IPO as early as Monday morning, and to price and list its shares next week. It said it now aimed to complete its offering by year-end, but declined to comment further.

The group had faced a chilly response from the institutional investors that can make or break a flotation, with some raising concerns over the outsized sway WeWork co-founder and chief executive Adam Neumann has over the company as well as its increasing operating losses.

Mr Neumann, 40, had given his advisers at JPMorgan Chase and Goldman Sachs until the end of September to finalise the listing, which was expected to raise between $3bn and $4bn.

WeWork told employees it would hold a company-wide webcast on Tuesday morning, according to a person familiar with the matter.

The extreme difficulty the property company has had enticing would-be investors will complicate its plans to list this year or in early 2020, said one person briefed on the matter.

WeWork has been under pressure to complete the listing in spite of limited investor interest, and last week the Financial Times reported that it had held discussions with its biggest backer — Japanese telecom-to-technology group SoftBank — over a cornerstone investment in the IPO.

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