WeWork CEO Adam Neumann Photo by Noam Galai/Getty Images for TechCrunch

According to a report from Reuters, The We Company, better known as WeWork, has tapped investment bank JPMorgan Chase to lead an upcoming debt raise, placing the bank in a top position to lead its planned IPO later this year. WeWork confidentially filed for IPO in April and has been reported to be aiming for a public listing by September.

Reuters reports WeWork is looking to raise between $5 billion to $6 billion in new debt before going public as soon as September. Other investment banks, including Goldman Sachs, are also expected to have significant roles in WeWork’s IPO, Reuters reports. Also according to Reuters, WeWork would like work on the debt offering to kick off as early as next week.

JPMorgan CEO Jamie Dimon Photograph by Stuart Isett/Fortune Global Forum

Leading WeWork’s IPO would be a plus for JPMorgan, as it would give it a lead spot on two of the largest IPOs this year, the other being Lyft which went public in March. Investment banks like JPMorgan, Morgan Stanley, Goldman Sachs and Bank of America Merrill Lynch steadily compete with each other for top spots on big IPOs. Measuring by proceeds from U.S. IPOs this year as of the 1st of August, Goldman Sachs leads the group, with Bank of America Merrill Lynch, JPMorgan and Morgan Stanley following, according to Refinitiv data.

Despite a hefty $47 billion valuation, WeWork has raised concerns and doubts surrounding sustainability of its [co-working/shared office spaces] business model. WeWork recorded $1.8 billion in 2018 revenue, but with a $1.9 billion loss for the same period. Revenue was up 103% from $886 million in 2017, but losses also grew 104% from $933 million in 2017. Financial data for this year are not disclosed, but will eventually be released prior to an IPO.

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