Uber officially files for IPO

Uber officially files for IPO

Troy Powers
April 14, 2019

Lyft, Uber's biggest rival, went public on March 29.

However, the company lost $US3.3 billion, excluding gains from the sale of its overseas business units in Russian Federation and South-East Asia.

That still pales into comparison to the largest shareholder, SoftBank, which spearheaded the largest-ever equity transaction in a VC-backed startup with a roughly $9 billion deal with Uber and its investors.

Uber plans to sell around $US10 billion worth of stock at a valuation of between $US90 billion and $100 billion.

The offering is expected to be the largest U.S. IPO this year and among the 10 largest of all time on U.S. exchanges. It lost $3.3 billion previous year, excluding one-off gains, while Lyft lost $911 million for 2018. In the fourth quarter of 2018, Uber generated $2.54 billion in adjusted net revenue, with $2.31 billion of that coming from ridesharing.

Uber has 91 million monthly active users compared to Lyft's 18.6 million.

Across its businesses, Uber had gross bookings of $49.8 billion for the year, which is to say, Eats is still a smart part of the company's overall business.

"We have incurred significant losses since inception, including in the United States and other major markets". Further, any such reclassification would require us to fundamentally change our business model, and consequently have an adverse effect on our business and financial condition. Drivers will be able to use the bonuses to purchase Uber stock at its IPO price. Drivers can also just keep the cash, too.

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But at first glance, the financial books show good news in that Uber has been generating robust revenue growth.

Uber revealed in the filing it could have to pay a license fee to Waymo or face a substantial delay to the development of its self-driving technology if the initial assessment of its technology by an independent expert is confirmed. Polish taxi drivers held up traffic in Monday to call attention to their message that Uber drivers represent unfair competition, reported The Associated Press.

The ride-hailing company on Thursday filed with the US Securities and Exchange Commission for its initial public offering.

Uber is also expanding in other markets such as freight while offering other ways to get around with shared scooters and bikes.

The company posted a profit of $997 million previous year, but that doesn't mean its ride-hailing service suddenly started to make money - far from it. The company has gradually resumed testing, and is now operating only a handful of vehicles in a small geographic area in Pittsburgh.

It now operates in more than 63 countries and 700 cities around the world. As of the filing, Uber owns a 15.4% stake in China's Didi Chuxing Technology Co. But that stake had fallen to about 15.4% of the company as of the end of September a year ago, according to Uber's prospectus.

Uber's growth was slowed by a raft of scandals beginning in 2016 that ultimately led to the ouster of its CEO, Travis Kalanick.

But the company is trying to put the Kalanick era behind it, and that's clear in the filing. It said it still suffered from a perception that Uber is a toxic place to work.