Uber planning to launch IPO in April

Mae Love
March 16, 2019

Uber, a global logistics and transportation company most recently valued at $US76 billion ($108 billion) in the private market, is seeking a valuation as high as $US120 billion, although some analysts have pegged its value closer to $US100 billion based on selected financial figures it has disclosed. The ride-hailing company has yet to publicly file financial paperwork for its IPO but recently said it lost an adjusted $1.8bn past year. Lyft filed its own prospectus on March 1 and is expected to debut in the public stock market later this month. Lyft, meanwhile, is looking for a market valuation between $20 billion and $25 billion after being valued at $15 billion in its most recent private funding.

Japan's largest automaker Toyota injected $500 million into Uber a year ago to work on self-driving cars, where both companies are seen as lagging rivals like Alphabet's self-driving unit Waymo.

Both companies stand to benefit from Lyft joining the public markets first.

"There will be competition for investor capital in the space between the two companies with them going out so close together".

Uber, which a year ago lost about $3.3 billion, is betting on a transition to self-driving cars to eliminate the need to pay drivers. But the company lost $US3.3 billion, excluding gains from the sale of its overseas business units in Russian Federation and Southeast Asia.

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Accepting a minority investment would let others cover the cash needs in the short term, although that US$1 billion won't last long. Lyft lost $688.3 million in 2017 and $682.8 million in 2016.

The only question now is the exact date in April for the IPOs of Lyft and Uber.

Dara Khosrowshahi, chief executive officer of Uber, has previously said a culture change is a work in progress. It operates in more than 70 countries and includes ride-hailing, bike and scooter rentals, freight hauling, food delivery and a self-driving vehicle division.

In June, the Japanese technology conglomerate agreed to invest billions of dollars in another self-driving business, General Motor Co.'s Cruise.

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