Uber files with SEC for its IPO

Uber files with SEC for its IPO

Uber files with SEC for its IPO

Uber's filing follows rival Lyft Inc.'s $2.34 billion offering in March, which is the biggest U.S. IPO so far this year.

The move comes after a lackluster market debut for Uber's USA rival Lyft, which has lost more than 10 percent of its value since its IPO last month.

The disclosure also highlighted how far Uber remains from turning a profit, with the company cautioning it expects operating expenses to "increase significantly in the foreseeable future" and it "may not achieve profitability". "Lyft is viewed as the little brother of Uber and the Street is anxious that the S-1 will reveal metrics that put Lyft in a negative light".

Documents filed with the USA regulator the Securities and Exchange Commission show that it made a small profit previous year, but this was because of the sale of businesses in Asia.

Uber had not disclosed the latest user numbers before, and the figure indicates the scale of the business.

After dropping off passengers at a Broadway play Johan Nijman a for-hire driver who runs his own service and also drives for Uber on the side drives through the West Side of Manhattan on Wednesday evening

The San Francisco-based company reported $11.3 billion in revenue a year ago, a sharp increase from the $7.9 billion in revenue in 2017.

The unveiling comes four months after Uber took its first step toward its initial public offering with a confidential filing. It reportedly plans to sell about $10 billion worth of stock, which would make it one of the largest USA tech IPOs ever coming in at an anticipated $120 billion. Investment bankers had previously told Uber it could be worth as much as $120bn.

Uber Technologies on Thursday filed for an initial public offering that's expected to value the ride-sharing company at upwards of $100 billion.

Although Uber is no longer targeting a $120 billion valuation in the IPO, some stock bonuses to Chief Executive Dara Khosrowshahi and other company executives are only triggered when that valuation is reached.

In identifying potential risks for its public filing, Uber acknowledged that it has "incurred significant losses since inception".

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Uber is now expected to begin its roadshow for investors, with an actual flotation expected in early May.

There are questions about how Uber will navigate any transition towards self-driving vehicles, a technology which is seen as potentially dramatically lowering costs but which could also disrupt its business model.

Last year, the ride-hailing giant settled a legal dispute over trade secrets with Alphabet Inc's Waymo self-driving vehicle unit.

Uber, which was founded in 2009, has completed a total of over 10 billion rides and has expanded to more than 700 cities in over 60 countries.

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