Co-working company Victory Offices, which listed at a premium to its $2 offer price three years ago under former chairman Steve Bracks, is facing a winding up application, this month posted a $50.1m loss, and has wiped out virtually all of its shareholders’ equity.
The company, which previously boasted 21 premium co-working sites across the nation including at Barangaroo in Sydney and Melbourne’s St Kilda, listed a premium to the $2 offer price in mid-2019 after raising $30m from investors, valuing the company at $81.8m.
The stock hit $2.19 on the first day of trade, however Victory is now worth less than $4m, with the shares changing hands for 2.4c apiece on Wednesday.
The Australian 8th Sep'22
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