Uber files for United States initial public offering

Uber plans to sell around $10 nn worth of stock in IPO, say sources

More so than even the usual coin-toss bet of an initial public offering, investing in Uber is nearly entirely about what it could become and less about loving the company as it exists today.

The company is on track to price its IPO and begin trading on the New York Stock Exchange in early May.

It could also work in Uber's favor that it is now expected to seek a valuation of $90 billion to $100 billion, below the $120 billion investment bankers previously told the company it could be worth, according to the Reuters report.

Uber confidentially filed its S-1 in December 2018.

Despite an expected value of almost US$100bn, the company is said to be losing some US$1.8bn/y. It shortened its name to Uber in 2010, distancing itself from the taxicab industry, which has criticized the company for operating under less regulation than the traditional taxi industry.

The IPO filing also shows that Uber is investing heavily in freight shipping and meal deliveries, notably Uber Eats. Excluding those sales, Uber would have booked an operating loss of about $3 billion.

Uber's filings also noted that its insurance reserves totaled US$2.94 billion at the end of 2018, up from US$2.0 billion at the end of 2017.

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The world's largest taxi-hailing company revealed that it made a $3 billion operating loss past year as it published the prospectus for its initial public offering (IPO).

Uber could finally start going public on Thursday-and the company hopes to achieve one of the biggest tech IPOs in history.

Uber is now in the process of trying to build itself into a one-stop shop for many different modes of transportation, including bikes, scooters, auto sharing, and public transportation.

But the prospectus renewed questions about how sustainable Uber's business actually is. The classification of drivers as independent contractors is necessary to Uber's financial future, the company says, and any attempt to reclassify them as full-time employees would result in huge monetary losses.

Uber, however, hasn't disclosed the valuation it is seeking from the public investors. Its IPO could come as soon as early May. Pinterest also lost $62.97 million in 2018.

The blowback from the problems helped Lyft pick up ground in the USA - something Uber acknowledged in its filing - and led to the ouster of Uber co-founder Travis Kalanick as CEO in 2017.

- Alphabet, Google's parent company, owns 5.2%.

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