The officials of Uber Technologies decided they are looking forward to selling about 10 billion dollars worthy stock in its initial public offering. Furthermore, they said that they would make registrations of the offerings public very soon. This size of IPO would make Uber one of the giant technology IPOs of prolonging time and most significant since that of Chinese Alibaba Group Holding (e-commerce) in 2014. Sources said that due to the poor performance of minor competitor Lyft’s shares, Uber is planning a valuation of between 90 billion dollars and 100 billion dollars. However, the investment bankers formerly expressed Uber it could worth as greater as 120 billion dollars.
In the recent past, Uber valued at 76 billion dollars in the private fundraising market. One of the sources said that maximum sold of shares issued by the company, whereas a lesser part owned the investors of Uber cashing out. Uber is also seeking to make its registration of IPO with Exchange Commission and the United States Securities available publically on Thursday. In addition, it will kick of roadshow of its investors during the week of 29 April, placing it on the way to price its IPO and start trading on Stock Exchange of New York in the start of the May. The strategies still focus on modifying and marketing conditions and request not to identify due to the issue is confidential – sources continued. An Uber representative refused to comment on this matter.
Operations of Uber in how Many Countries?
Uber is operating in over seventy countries. Along with ride-hailing, their services include scooter & bike rentals, food delivery, freight hauling, and self-driving car division which is too much expensive. Dara Khosrowshahi, the Chief Executive of Uber, received the task with undoubted investors during the IPO roadshow that he changed the business practices and the culture of the company successfully after no. of embarrassing scandals during the last two years. Scandals like allegations related to sexual harassment, use of illegal software to dodge authorities, a massive data breach that regulators concealed and also the allegations of overseas bribery.
Read Also: World’s Largest Gaming Chinese Company Tencent Start Testing Gaming Cloud
Last year the revenue of the Uber was 11.3 billion dollars whereas ride’s gross bookings were 50 billion dollars. However, the firm lost about 3.3 billion dollars exclusive of profit from the overseas business unit’s sales in Southeast Asia and Russia.
