Ride-hailing giant Uber files for United States initial public offering

Uber plans to sell around $10 nn worth of stock in IPO, say sources

The investment bankers handling Uber's IPO are expected to reveal a pricing range for Uber's shares later this month.

Uber Technologies on Thursday filed for an initial public offering that's expected to value the ride-sharing company at upwards of $100 billion. The company is on track to price its IPO and begin trading on the New York Stock Exchange in early May.

"Just a small percentage of people in countries where Uber is available have ever used our service", Dara Khosrowshahi, the company's CEO, wrote in the SEC filing.

Uber is also the latest Silicon Valley startup to IPO this year and follows a trend of unprofitable companies, such as Lyft and Pinterest, to go public.

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Uber would be the largest IPO since that of Chinese e-commerce company Alibaba Group Holding Ltd in 2014, which raised $25 billion.

Uber faces questions over how it will navigate any transition towards self-driving vehicles, a technology seen as potentially dramatically lowering costs but which could also disrupt its business model.

Kalanick is one of Uber's largest shareholders, owning almost 9% of the company's stock.

Uber in 2018 had revenue of $11.3 billion, up around 42 percent over 2017, again below the 106 percent growth the prior year. And it's likely to be the largest among US tech companies since Facebook took its bow on Wall Street seven years ago at a time when most people hadn't ever considered using an app on their smartphone to summon a ride from strangers driving their own cars.

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Uber continues to be heavily loss-making despite its significant growth and expansion into new businesses, the taxi app has revealed as it filed to go public in NY.

A #DeleteUber campaign surged on social media in 2017 after a public relations crisis, which Uber said in its filing meant hundreds of thousands of consumers stopped using its platform within days.

"The shadow of the Uber S-1 and the upcoming IPO roadshow is a clear overhang on Lyft shares as the Street is anticipating this event", Wedbush analyst Daniel Ives said in an email interview. Drivers in good standing who have completed 2,500, 5,000, 10,000, or 20,000 lifetime trips as an Uber driver will receive the corresponding cash reward.

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