Uber Unveils Its Highly Anticipated IPO Filing

Uber plans to sell around $10 nn worth of stock in IPO, say sources

The ridesharing company will seek to sell roughly $10 billion in stock, according to a Reuters report, which also confirmed the expected timing of the IPO registration.

The San Francisco-based company, which began as a taxi app in 2009 but has expanded to freight, bikes, scooters, food and flying taxis, is due to go public in a matter of weeks, and laid out its financial state, its risks and spending patterns in a new document filed with the US Securities and Exchange Commission.

The registration will provide investors with their most complete look yet at Uber's financial and operational numbers and strong points of comparison to rival Lyft's IPO registration in March.

Lyft's stock closed down nearly 11 per cent on Wednesday and - even with a slight recovery Thursday - still trades below the low-end of an earlier IPO pricing range. And the $60.12 close was 16.5 percent below Lyft's final IPO price of $72 and even under the low end of its initial price target range of $62 to $68.

Across its businesses, Uber had gross bookings of $49.8 billion for the year, which is to say, Eats is still a smart part of the company's overall business. Uber, however, posted an adjusted EBITDA loss of $1.85 billion in 2018.

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"Some of the attributes that made Uber a wildly successful startup - a fierce sense of entrepreneurialism, our willingness to take risks that others might not, and that famous Uber hustle - led to missteps along the way", Khosrowshahi wrote, closing his letter by assuring he will run Uber with integrity. That's down from a loss of $2.6 billion in 2017. I'm not sure I've ever read a more sprawling IPO document, which reflects Uber's sprawl. Uber expected to raise about $10 billion at a valuation of $90 billion to $100 billion.

Uber revealed in the filing it could have to pay a license fee to Waymo or face a substantial delay to the development of its self-driving technology if the initial assessment of its technology by an independent expert is confirmed. It said it still suffered from a perception that Uber is a toxic place to work. The company's shares are set to begin trading next month on the New York Stock Exchange under the symbol UBER.

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".

- Travis Kalanick, Uber's founder, owns 8.6%.

"Mr. Kalanick was selected to serve on our board of directors because of his experience as one of the co-founders and early leaders of our company, and as such, his extensive knowledge of our business, and his innovation, technology, and high-growth experience, as well as his consumer and digital experience", Uber said in an S-1 filing declaring its intention to go public.

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