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Uber hopes to raise USD9 billion in IPO
Uber has gone for a rather conservative valuation in pricing its IPO.
It has set its valuation at up to $91.5 billion, around one-third less than the $120 billion estimate that had been touted.
In a regulatory filing Uber said it hopes to raise up to US$9 billion, which is still the largest US public offering since Alibaba Group Holding Ltd went public in 2014.
The target price is US$44 to US$50 per share with 180 million shares up for grabs.
It plans to price the IPO on May 9 and trading will go live on the New York Stock Exchange the following day.
The muted valuation is likely in response to rival Lyft’s underwhelming stock market debut, which is trading about 20% down from its IPO price.
Despite all the buzz, there are still major investor doubts about when or if the ride hailing business model will make a profit.
Uber began a whirlwind 10-day road show to convince public markets investors its business is sound.
Uber will need to convince investors it has changed its company culture and moved on from a series of highly damaging scandals over the past few years.
Additionally, the company announced PayPal will invest $500 million in a private placement based on the IPO pricing.
That will mark further cooperation between the two companies to ‘explore future commercial payment collaborations.’
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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