Uber aims for valuation of more than $80 billion in IPO
Uber says it could be worth between $80-$90 billion when it goes public on the New York Stock Exchange next month, according to a Friday regulatory filing.
That would make Uber’s initial public offering (IPO) one of the largest ever in the technology industry, as well as the largest IPO this year.
{mosads}The ride-hailing company says it hopes to raise up to $10 billion in its IPO and plans to sell its shares for between $44 and $50 when it goes public. It had previously said it was aiming for a higher valuation, but it is likely seeking the avoid the mistakes of its smaller rival, Lyft, which has seen its shares drop by more than 20 percent since Lyft’s IPO last month.
The Wall Street Journal reported late last year that the company’s banking advisers had suggested the ride-hailing firm could go public at a valuation of $120 billion, but it appears to be tempering those expectations.
Facebook went public in 2012 with a market capitalization of $104 billion, and Alibaba in its 2014 IPO was valued at $168 billion.
Lyft made its market debut at a $20.5 billion valuation, and it raised $2.34 billion in its IPO.
A host of other popular startups are considering going public, including Airbnb and Slack.
Uber when it filed to go public earlier this month said its revenue reached $11.3 billion at the end of 2018, with 91 million users on its platforms and 1.5 billion trips taken.
But the company’s operating losses last year totaled $1.8 billion.