Friday, 22 March, 2019

Uber plans to kick off IPO in April

Uber driverless car heads out for a test drive in San Francisco An Uber driverless car. Softbank and Toyota could invest in Uber's driverless car arm Credit AP
Priscilla Morrison | 17 March, 2019, 01:32

Uber declined to comment.

Uber filed confidentially to go public in December in what would be one of the largest tech initial public offerings of recent years.

The company will release its public disclosure next month and launch an investor roadshow, the sources said.

Uber is reportedly in talks with a group of investors led by SoftBank and Toyota to invest $1bn or more into the ride-hailing firm's self-driving vehicle unit.

The timing for Uber's IPO means it will most likely hit public markets soon after smaller rival Lyft completes its own public offering, which is expected to happen by the end of March.

More news: New Zealand attacks: PewDiePie says he’s ‘sickened’ that shooter mentioned his name

It could likewise help underscore Uber's an incentive as the ride-hailing firm gets ready for a financial exchange debut in which its esteem could top $100 billion.

Lyft seeks a valuation of United States dollars 20 to 25 billion, having been valued at USD 15 billion as a private company.

Uber reportedly saw $11.3 billion in revenue a year ago and a loss of $3.3 billion.

Uber Chief Executive Officer Dara Khosrowshahi will be tasked with convincing investors that he has successfully changed the company's culture and business practices after a series of embarrassing scandals over the last two years. But the company lost $US3.3 billion, excluding gains from the sale of its overseas business units in Russian Federation and Southeast Asia. This week, TechCrunch reported that at one point Uber was spending $20 million per month on its self-driving division, with the ambitious goal of having 75,000 autonomous vehicles on the road by this year. Accepting a minority investment would let others cover the cash needs in the short term, although that US$1 billion won't last long. In the case of Uber and Lyft, however, many large institutional investors already have access to the companies through participation in private rounds of investment.

Those have included sexual harassment allegations, a massive data breach that was concealed from regulators, use of illicit software to evade authorities and allegations of bribery overseas.

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