Uber Technologies is seeking to raise as much as US$9-billion in an initial public offering that could give the ride-hailing giant a market valuation of as much as $84-billion.
The number one ride-hailing company plans to offer 180 million shares at $44 to $50 each, according to a regulatory filing on Friday. The filing puts Uber on track to make its trading debut in May on the New York Stock Exchange in what is expected to be the year’s biggest US IPO.
At the top of the range, the listing would value Uber at almost $84-billion, based on the number of shares outstanding after the offering, as detailed in the filing. On a fully diluted basis, including the addition of stock options, restricted shares or other stakes not included in the outstanding total, the valuation could top $91.5-billion.
At the targeted range, San Francisco-based Uber’s offering will be among the 10 largest US IPOs of all time and the biggest on a US exchange since Alibaba Group’s $25-billion global record holder in 2014. In March, ride-hailing rival Lyft raised $2.3-billion in its IPO — the year’s biggest so far — amid a swarm of listings by tech-related companies including Pinterest and Zoom Video Communications. — Reported by Olivia Zaleski and Eric Newcomer, (c) 2019 Bloomberg LP
