Ride-hailing giant Uber has officially filed to go public on the New York Stock Exchange. The company will be listed under the symbol ‘UBER’ and while it has yet to reveal the date it will go public, this is expected to happen in May.
Uber has yet to announce its anticipated initial public offering price, but will reportedly look to sell roughly $10 billion worth of stock, which will give it a valuation between $90 billion and $100 billion. Uber’s share sale is on track to be the biggest since China’s Alibaba Group began trading on the NYSE in 2014.
Uber’s listing will come shortly after Lyft went public on the NASDAQ. Much like Lyft, it has yet to turn a profit, though that’s not expected to dampen interest in the company’s shares.
In Uber’s S-1 filed with the Securities and Exchange Commission, it is revealed that revenues increased from $3.5 billion in 2016 to $9.2 billion in 2018. Gross bookings reached $41.5 billion from ridesharing products; in the final quarter of 2018, Uber Eats represented about 18 per cent of gross bookings, while the company’s monthly active consumers came in at 91 million in Q4.
The company says it did make a profit of $997 million in 2018, and technically it is correct, but most of that money came from selling off parts of its business in areas like Russia and Southeast Asia. If you exclude these funds, it actually lost $1.8 billion last year.
While co-founder Travis Kalanick no longer leads Uber, he still owns 8.6 per cent and stands to make billions from the IPO.