Uber aiming to sell around $10-billion of stock in IPO: sources GlobeBusiness
Uber is seeking a valuation of between $90 billion and $100 billion, influenced by the poor performance of smaller rival Lyft Inc’s shares following its IPO late last month, the sources said. Investment bankers previously told Uber it could be worth as much as $120 billion.Uber most recently was valued at $76 billion in the private fundraising market.
Uber plans to make its IPO registration with the U.S. Securities and Exchange Commission publicly available on Thursday, and will kick of its investor road show during the week of April 29, putting it on track to price its IPO and begin trading on the New York Stock Exchange in early May, the sources said.
In moderating its valuation expectations, Uber is showing a realism that is being increasingly adopted by Silicon Valley unicorns, as stock market investors push back against some of the lofty price tags sought.On Monday, Pinterest Inc set a price range for its IPO that values it below the $12 billion at which the online image-search company sourced its last private fundraising in 2017.
During the IPO road show, Uber’s chief executive, Dara Khosrowshahi, will be tasked with convincing investors that he has successfully changed the company’s culture and business practices after a series of embarrassing scandals over the last two years.
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