Uber files for IPO, lifting curtain on finances GlobeTechnology
In this file photo taken on May 8, 2018, the Uber logo is seen at the second annual Uber Elevate Summit, at the Skirball Center, in Los Angeles, Calif.Uber Technologies Inc on Thursday filed publicly with the U.S. Securities and Exchange Commission for its initial public offering , taking it a step closer to one of the largest technology stock listings of all time.
The filing revealed Uber had 91 million users on its platforms at the end of 2018. Uber set a placeholder amount of $1-billion but did not specify the size of the IPO.Reuters reported this week that Uber plans to sell around $10-billion worth of stock at a valuation of between $90-billion and $100-billion. Investment bankers had previously told Uber it could be worth as much as $120-billion.
There are also questions about how Uber will navigate any transition towards self-driving vehicles, a technology which is seen as potentially dramatically lowering costs but which could also disrupt its business model. One advantage Uber will likely seek to play up to investors is that they are the largest player in many of the markets in which it operates. Analysts consider building scale at a critical mass is crucial in order for Uber’s business model to become profitable.
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