Uber finally unveils its highly anticipated IPO filing
- Author: David Armstrong Apr 14, 2019,
Apr 14, 2019, 0:12
Uber, however, hasn't disclosed the valuation it is seeking from the public investors.
Uber would be the largest initial public offering since that of Chinese e-commerce company Alibaba Group Holding Ltd in 2014, which raised $25 billion.
The move comes after a lackluster market debut for Uber's USA rival Lyft, which has lost more than 10 percent of its value since its IPO last month. Lyft increased the number of shares that were sold and priced them at $72 per share - the top of an elevated range - then watched as they jumped 21 percent at the opening bell.
Uber's adjusted loss before interest, taxes, depreciation and amortization was just over $1.8 billion in 2018 compared to $2.6 billion in 2017.
But Uber's growth was slowed by a raft of scandals beginning in 2016 that ultimately led to the ouster of its CEO, Travis Kalanick.
The massive filing shows Uber has been generating the robust revenue growth that entices investors, but also racked up almost $8 billion in losses over its 10 years in existence, which mirrors the same trend challenging Lyft, Uber's main rival in the U.S.
The filing with the Securities and Exchange Commission contained no specific pricing or timing for the market debut for Uber, which according to media reports was expected to raise some $10 billion. I'm not sure I've ever read a more sprawling IPO document, which reflects Uber's sprawl.
A Waymo spokesperson said: "This review is on-going and we will continue to take the necessary steps to ensure our confidential information is not being used by Uber". Pinterest also lost $62.97 million in 2018.
After making the public filing, Uber will begin a series of investor presentations, called a roadshow, which Reuters has reported will start the week of April 29.
"With Uber, investors will soon have a second option to make a bet on the future of mobility and transportation with the clear market share leader, while competitor focus will likely also zero in on Waymo/Google and even the traditional auto sector which is investing in autonomous vehicles in its own right", Ives said. It said it still suffered from a perception that Uber is a toxic place to work.
Kalanick, 42, holds a roughly 8% stake in Uber and still sits on the company's board of directors. "These changes will make rates comparable to where they were in September, while giving drivers more control over how they earn by allowing them to build a model that fits their schedule best", an Uber spokesperson told The Daily Caller News Foundation in response to an inquiry about the Los Angeles strike.
The filing noted that Uber offers ridesharing in some 700 cities but has bolder ambitions to reshape how people and goods are transported with operations such as meal deliveries, freight, and electric bikes and scooters.