Uber Sets Sights on $10 Billion IPO

/ 03:17 AM April 12, 2019

The global ride-hailing giant, Uber, is seeking a valuation close to $100 billion — an impressive figure but below some earlier estimates amid an ebbing of enthusiasm on growth and profitability, the report said.

The Journal said details of Uber’s initial public offering (IPO) would be released Thursday and the market debut was expected in May.

ADVERTISEMENT

The IPO comes after a mixed response to the market debut for Lyft, the main US rival of Uber.

Lyft shares rose on the first day of trading and then lost ground. On Wednesday, shares were trading down more than 10 percent from the $72 offering price.

The Journal, citing unnamed sources, said Uber recently provided documents showing a potential price range of between $48 and $55 a share, implying a valuation of between $90 billion and $100 billion.

Uber Sets Sights on $10 BN IPO

Photo: AFP/Getty Images

These figures could change ahead of the market launch but would be below the estimated $120 billion suggested by some investment bankers, according to the report.

Uber released financial data earlier this year showing it lost $865 million in the fourth quarter of 2018, compared with $1.1 billion in the same period a year earlier.

The San Francisco-based firm reported revenue of $3 billion, a 25 percent increase from a year earlier.

ADVERTISEMENT

Chief executive Dara Khosrowshahi has promised greater transparency as he seeks to restore confidence in the global ridesharing leader hit by a wave of misconduct scandals.

Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Uber
For feedback, complaints, or inquiries, contact us.



We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.