Monday, 19 August, 2019

Uber plans to sell $10 billion stock in IPO

Uber is seeking a valuation of between $90-$100bn. — Reuters  File Uber is seeking a valuation of between $90-$100bn. — Reuters File
Russell Knight | 12 April, 2019, 05:09

By registering its public offering on Thursday, Uber aims "to price its IPO and begin trading on the New York Stock Exchange in early May", Reuters reported.

Lyft had opened its trading in March amid lots of hype, largely due to being the only publicly listed ride-sharing company.

Uber and Lyft signs are seen on a auto in Redondo Beach, California, U.S., March 25, 2019.

The breakdown shows Uber has been generating the robust revenue growth that entices investors, but also racked up almost $8 billion in losses since its inception. However, the shares have dropped over 16 percent since then, and now with Uber joining the fray, demand for Lyft stock may take a hit.

The company is seeking a valuation of between $90-$100bn, influenced by the stock performance of smaller rival Lyft Inc following its IPO last month, the sources said.

Uber, which was founded in 2009, has completed a total of over 10 billion rides and has expanded to more than 700 cities in over 60 countries.

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Uber has 91 million monthly active users compared to Lyft's 18.6 million. Investment bankers had previously told Uber it could be worth as much as $120 billion.

An IPO of this size would make Uber one of the biggest technology IPOs of all time, and the largest since that of Chinese e-commerce giant Alibaba Group Holding Ltd in 2014.

In addition to answering questions about the company's finances, Uber CEO Khosrowshahi will be tasked with convincing investors that he has successfully changed the culture and business practices after a series of embarrassing scandals over the last two years. Now it will be up to Kalanick's successor, Khosrowshahi, to persuade investors that Uber has cleaned up its act and merits a market value higher than Ford Motor and General Motors combined.

Uber didn't disclose any information about share price so it's hard to say how far a $100 reward will get drivers who decide to invest - but Lyft, which has a smaller driver and customer base (1.9 million drivers on the platform vs. Uber's 3.9 million) went public at $72 per share. The company also warned that potential future regulations or increases in insurance costs could impact the autonomous vehicle business.

Alphabet, the parent company of Google, owns 5per cent of the company, even as it competes with Uber on self-driving technology.

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