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m3n4.net April 21, 2019


Uber finally unveils its highly anticipated IPO filing

14 April 2019, 01:29 | Vera Richards

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An Uber driver using the Uber app on her phone

The filing with the US Securities and Exchange Commission (SEC) contained no specific pricing or timing for the market debut for Uber, which media reports said was expected to raise about US$10 billion.

The company is on track to price its IPO and begin trading on the New York Stock Exchange in early May.

"Uber accounts for less than one percent of all miles driven globally". It lost $3.3 billion past year, excluding one-off gains, while Lyft lost $911 million for 2018. Started in 2009 after its founders struggled to get a cab on a snowy night, Uber has changed the way millions of people travel and commute but continues to lose money.

Uber is expected to fetch up to $10bn (£7.6bn) in the listing, which could reportedly occur in May and value the company at up to $120bn.

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"The outlook for growth is weak and the outlook for profits potentially still weaker". Uber has also been reaching beyond the ride-hailing business, pitching investors a broader business that includes food and freight delivery, scooters, electric bikes and even flying cars.

"We will not shy away from making short-term financial sacrifices where we see clear long-term benefits", he said in the letter. Still, the prospectus invites new scrutiny.

Uber will follow Lyft Inc in going public. Morgan Stanley and Goldman Sachs Group Inc. are leading the offering. Reuters reported this week that Uber plans to sell around $10 billion worth of stock at a valuation of between $90 billion and $100 billion. Only $165 million in net revenue came from Uber Eats. Growth in the value of transactions from rides slowed to 25 percent in the fourth quarter of 2018 from 44 percent in the early part of the year. But revenue in 2017 had more than doubled from 2016.

Uber also engages in some sleight of hand about the ties connecting all its businesses. The company also grew its consumer base to 91 million Monthly Active Platform Consumers worldwide.

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Uber CEO Dara Khosrowshahi attends Fortune Most Powerful Women Summit 2018 at Ritz Carlton Hotel on October 3, 2018 in Laguna Niguel, California.

As one of the pioneers of the gig economy, it has grown to rely on contractor drivers, of which it said it had 3.9 million by the end of past year.

In its S-1 Uber said it was cash flow positive in 2018.

Founded by Garrett Camp and Travis Kalanick in 2009, Uber began as an on-demand black vehicle service for wealthy clients, riding the wave of mobile-technology innovation that followed Apple's introduction of the iPhone in 2007.

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