Friday, 19 April, 2019

Uber's IPO Registration Is Finally Happening--With an Expected $100 Billion Valuation

An Uber driver using the Uber app on her phone Enlarge Image Shutterstock
Priscilla Morrison | 12 April, 2019, 03:41

The disclosure also highlighted how far Uber remains from turning a profit, with the company cautioning it expects operating expenses to "increase significantly in the foreseeable future" and it "may not achieve profitability".

"It's not a coincidence that the day before Uber was expected to make a filing that investors are immediately contrasting it to Lyft and Lyft looks less attractive", said Matt Moscardi, analyst at MSCI in Boston.

Uber past year had revenue of $11.3 billion, while gross bookings from rides was $50 billion. It would be one of the biggest yet for a technology firm, and the largest since Alibaba, the Chinese ecommerce giant, raised $21.8 billion in its 2014 flotation. That's nearly as much as the $78.2 billion drivers have earned since 2015 driving for Uber.

The ride-sharing company said it intends to trade on the New York Stock Exchange under the ticker "UBER". When you go somewhere do you Lyft?

More news: NY measles emergency declared in Brooklyn

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.

There are questions about how Uber will navigate any transition towards self-driving vehicles, a technology which is seen as potentially dramatically lowering costs but which could also disrupt its business model. Uber most recently was valued at $76 billion in the private fund-raising market.

Shares of recently listed Lyft Inc fell to a fresh low and closed the day down nearly 11 percent on Wednesday on news that rival Uber Technologies Inc was close to filing its own initial public offering. Khosrowshahi joined Uber in 2017 from Expedia Inc to replace company co-founder Travis Kalanick who was ousted as CEO.

Lyft went public with a relatively strong operating position in the wake of the viral #DeleteUber campaign, and it claimed having about 40 per cent of the United States market share.

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