Daily News

View All News

Uber prices stock shares at $44.00 to $50.00 for IPO; valuation up to $91.5 billion

April 26, 2019

Human cloud, ride-sharing firm Uber Technologies Inc. made its initial public offering papers public in an IPO prospectus filed today with the US Securities and Exchange Commission. Uber aims to list its common stock on the New York Stock Exchange under the symbol “UBER.”

The initial IPO price is anticipated to be between $44.00 and $50.00 per share.

Reuters reports Uber is aiming for a valuation of up to $91.5 billion, less than the $120 billion that investment bankers told Uber last year it could fetch, and closer to the $76 billion valuation it attained in its last private fundraising round in 2018.

The SEC documents show Uber posted revenue of $11.27 billion in 2018, up from $7.93 billion in 2017. Net income attributable to Uber improved to $997.0 million last year from a loss of $4.03 billion in 2017.

Revenue from ridesharing alone rose to $9.18 billion in 2019 from $6.89 billion in 2017.

Today’s document also shows Uber expects a net loss in the first quarter of this year of between $1.0 billion and $1.1 billion.

The filing also stated PayPal Inc. agreed to purchase $500 million of Uber’s common stock in a private placement at a price per share equal to the IPO price, subject to certain closing conditions.

Up to 5.4 million shares, or up to 3% of the 180 million shares offered, will be reserved for sale at the IPO price through a directed share program to “certain qualifying drivers” in the US, according to the prospectus.

Staffing Industry Analysts ranks Uber as the largest B2C human cloud platform, followed by Beijing-based Didi Chuxing and Lyft. Human cloud/ride-sharing firm Lyft began trading its stock on the Nasdaq Global Select Market last month.