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 property group whose stated mission is to “elevate the world’s consciousness”.

The New York-based 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.