The world’s premier ride hailing app, San Francisco based Uber Technologies is all set to publicly file its documents with the US Securities and Exchanges Commission and register itself for an IPO.
Since, till now, Uber was not a listed company, it has released partial financial results for years. However, with its IPO filings, it will provide us with the first complete look at its numbers and operations. The company will kick off its road show to attract investors during the week of April 29th and its shares are expected to hit stock markets by early May.
Uber is seeking to raise about 10 Billion $ from its listing, making it the largest US IPO of this year and among the 10 biggest of all time. Uber said it had revenues of 11.3 Billion $ last year, while gross bookings from rides was 50 Billion $, which is a 45% jump compared with the previous year. However, it made a loss of 3.3 billion $.
Uber operates in more than 70 countries, and breaking out its US operations from its global business would be the point of focus for investors.
In addition to ride hailing, its business includes bike and scooter rentals, freight hauling, food delivery and an expensive self driving car division.
Investment Bankers had previously told Uber that it could be worth as much as 120 Billion $. However, after a lacklustre performance of its smaller rival Lyft, which failed to reward investors; Uber scaled back its ambitions and now is seeking a valuation between 90 and 100 Billion $.
As an independent media platform, we do not take advertisements from governments and corporate houses. It is you, our readers, who have supported us on our journey to do honest and unbiased journalism. Please contribute, so that we can continue to do the same in future.
