Uber files with SEC for its IPO

Irving Hamilton
April 12, 2019

Uber's valuation in its latest private investment round was more than $70 billion, but reports said the ride-hailing giant was likely to seek a market value of close to $100 billion.

Uber unveiled its long-awaited initial public offering (IPO) filing on Thursday, detailing its finances as it prepares to go public just weeks after its ride-sharing rival, Lyft.

Uber plans to make its IPO registration with the U.S. Securities and Exchange Commission publicly available on Thursday, and will kick of its investor roadshow during the week of April 29, putting it on track to price its IPO and begin trading on the New York Stock Exchange in early May, the sources said. That compares to a net loss of $4.03 billion in 2017 on revenue of $7.9 billion, the filing shows.

Lyft's revenue more than doubled between 2017 and 2018 while Uber's grew around 42 percent.

Uber is a considerably larger business than Lyft, operating in countries across the globe including Brazil, Mexico and India, as well as the Middle East, where it recently acquired Careem..

Uber's filing follows rival Lyft Inc.'s $2.34 billion offering in March, which is the biggest U.S. IPO so far this year.

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Uber would be the largest IPO since that of Chinese e-commerce company Alibaba Group Holding Ltd in 2014, which raised $25 billion.

Travis Kalanick, the former CEO who resigned in 2017 under pressure from the board, is one of Uber's largest shareholders, owning almost 9 per cent of the ride-hailing company's stock.

Uber said in its filing its ridesharing position in the United States and Canada was "significantly impacted by adverse publicity events" and that its position in many markets has been threatened by discounts from other ride-hailing companies.

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

A representative for Uber declined to comment. 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. The app is active in more than 700 cities, with drivers completing more than 14 million trips per day.

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