Uber IPO: ride-hailing company seeks to raise US$ 10 billion

Uber has filed paperwork for an IPO at the New York stock exchange. The company expects to raise US$ 10 billion when it goes public the next month.

The ride-hailing company will list under the ticker ‘UBER’ though it has not yet disclosed the IPO price. The valuation of the company was not disclosed, but it is reported that it will seek US$ 10 billion, which reportedly values the company between US$ 90-100 billion.

According to the paperwork filed, the San Francisco based company reported US$ 11.27 billion revenue in 2018 with an income of US$ 997 million and an adjusted EBITDA loss of US$ 1.85 billion. It was also revealed that since 2016, revenues from ride sharing increased from US$ 3.5 billion to US$ 41.5 billion last year. Revenue from UberEats came in at US$ 91 million for Q4 2018 with 1.5 billion trips.

Uber’s main rival in the USA - Lyft, filed for an IPO in March, showing US$ 1 billion of losses and revenue of US$ 2.1 billion. Lyft had set a range of US$ 62-68 per share for its IPO.

Source: TechCrunch