Uber plans to sell $10 billion stock in IPO

Uber plans to sell around $10 nn worth of stock in IPO, say sources

Uber Technologies Inc. filed for an initial public offering, starting the clock on what's expected to be the biggest USA listing this year.

The company is expected to begin trading on the New York Stock Exchange under the ticker UBER as early as May.

The world's largest taxi-hailing company revealed that it made a $3 billion operating loss past year as it published the prospectus for its initial public offering (IPO). Uber reported year-over-year revenue growth of 42 percent to $11.3 billion in 2018 and gross bookings of $49.8 billion, but said it lost $1.8 billion, excluding some transactions.

Uber officially filed paperwork with federal regulators on Thursday, giving investors an inside financial snapshot of the global ride-hailing giant ahead of its debut on the public market this spring. Although its user base includes customers of other services as well as ride-sharing, Uber's 91 million is almost five times the 18.6 million announced by rival Lyft Inc.

Among other things, Uber revealed the U.S. Justice Department is conducting a criminal investigation into a yearlong cover-up of a massive computer break-in during 2016 that heisted personal information belonging to millions of passengers and drivers. The company is expected to try to raise roughly $10 billion and seeks a market value of $90 billion to $100 billion, according to the Wall Street Journal.

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"Just a small percentage of people in countries where Uber is available have ever used our service", Dara Khosrowshahi, the company's CEO, wrote in the SEC filing.

The blowback from the problems helped Lyft pick up ground in the USA - something Uber acknowledged in its filing - and led to the ouster of Uber co-founder Travis Kalanick as CEO in 2017. Investment bankers had previously told Uber it could be worth as much as $120 billion.

Aside from its flagship ride-sharing app, the company operates a food delivery service called "UberEats", which earned $1.5 billion in revenue previous year, and a shipment fulfillment segment called "Uber Freight".

"With Uber, investors will soon have a second option to make a bet on the future of mobility and transportation with the clear market share leader", Wedbush analysts said in client note. Drivers in good standing who have completed 2,500, 5,000, 10,000, or 20,000 lifetime trips as an Uber driver will receive the corresponding cash reward.

But it suspended testing when one of its self-driving vehicles struck and killed a pedestrian in Arizona a year ago.

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