Uber seeks US$10b in IPO

Source: Xinhua | 2019-04-12

Uber is seeking to raise about US$10 billion in what would be the largest stock offering of the year, with details coming this week, the Wall Street Journal has reported.

The global ride-hailing giant is seeking a valuation close to US$100 billion — an impressive figure but below some earlier estimates amid an ebbing of enthusiasm on growth and profitability, the report said.

The Journal said the market debut was expected in May.

The IPO comes after a mixed response to the market debut for Lyft, the main US rival of Uber.

Lyft shares rose on the first day of trading and then lost ground. On Wednesday, shares were trading down more than 10 percent from the US$72 offering price.

The Journal, citing unnamed sources, said Uber recently provided documents showing a potential price range of between US$48 and US$55 a share, implying a valuation of between US$90 billion and US$100 billion.

These figures could change ahead of the IPO but would be below the estimated US$120 billion suggested by some investment bankers.