Business

Uber to sell $13.5 billion worth of stock in IPO

NEW YORK Uber Technologies will seek to sell around US$10 billion (S$13.5 billion) worth of stock in its initial public offering (IPO) and will make public the registration of the offering today, people familiar with the matter said.

An IPO of this size would make Uber one of the biggest technology IPOs of all time, and the largest since that of Chinese e-commerce giant Alibaba Group Holding in 2014.

Uber is seeking a valuation of between US$90 billion and US$100 billion, influenced by the poor performance of smaller rival Lyft's shares following its IPO late last month.

Investment bankers previously told Uber it could be worth as much as US$120 billion.

But Uber most recently was valued at US$76 billion in the private fund-raising market.

Most of the shares sold would be issued by the company, while a smaller portion would be owned by Uber investors cashing out, one of the sources said.

Uber plans to make its IPO registration with the US Securities and Exchange Commission publicly available today and will kick of its investor roadshow during the week of April 29, putting it on track to price its IPO and begin trading on the New York Stock Exchange early next month, the sources said.

Uber operates in more than 70 countries. Its business includes ride-hailing, bike and scooter rentals, freight hauling and food delivery.

Uber last year had a revenue of US$11.3 billion, while gross bookings from rides was US$50 billion. But the company lost US$3.3 billion, excluding gains from the sale of its business units in Russia and South-east Asia. - REUTERS

BUSINESS & FINANCE