Uber to start pitching IPO Friday -source

Credit: Reuters Studio
Published on April 26, 2019 - Duration: 01:12s

Uber to start pitching IPO Friday -source

Ride-hailing company Uber will unveil terms for its initial public offering on Friday, telling investors it will seek to be valued at between $80 billion and $90 billion, according to people familiar with the matter.

Jane Lanhee Lee reports.

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Uber to start pitching IPO Friday -source

$80 to 90 billion dollars.

That's the market valuation ride hailing app Uber is aiming for when it lists shares on the stock market, according to Reuters sources who said Uber plans to unveil terms for its initial public offering on Friday (April 26).

Uber is on track for one of the biggest tech IPOs and the largest since Chinese e-commerce giant Alibaba listed shares in NY in 2014.

The value of its market debut would only be slightly higher than Uber's most recent valuation in the private fundraising market at $76 billion dollars.

And it's much lower than the $120 billion dollar IPO whisper number Uber was once told it could fetch.

The more moderate expectation reflects the poor stock performance of its smaller rival Lyft which listed last month.

Lyft shares are over 20 percent lower from the listing price as skepticism rises about its path to profitability.

And Uber's losses are even bigger.

Uber will take to the road starting on Monday (April 29) to sell its story to investors, setting the stage for the company to debut on the New York Stock Exchange in early May.

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