Uber files with SEC for its IPO

Mae Love
April 12, 2019

In a regulatory filing, Uber said it will list its shares on the New York Stock Exchange under the symbol "UBER".

The document gave the first comprehensive financial picture of the decade-old company which was started after its founders struggled to get a cab on a snowy night and has changed the way much of the world travels. This is up 33.8 percent from 2017, but growth slowed from 51 percent a year earlier.

The investment bankers handling Uber's IPO are expected to reveal a pricing range for Uber's shares later this month.

Most of the shares sold would be issued by the company, while a smaller portion would be owned by Uber investors cashing out, one of the sources said.

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.

As is the case for Lyft, Uber has so far been losing money.

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The company is expected to begin trading on the New York Stock Exchange under the ticker UBER as early as May. Uber reported year-over-year revenue growth of 42 percent to $11.3 billion in 2018 and gross bookings of $49.8 billion, but said it lost $1.8 billion, excluding some transactions.

"Just a small percentage of people in countries where Uber is available have ever used our service", Dara Khosrowshahi, the company's CEO, wrote in the SEC filing.

In addition to answering questions about the company's finances, Uber CEO Khosrowshahi will be tasked with convincing investors that he has successfully changed the culture and business practices after a series of embarrassing scandals over the last two years. Those have included sexual harassment allegations, a massive data breach that was concealed from regulators, use of illicit software to evade authorities and allegations of bribery overseas.

Uber most recently was valued at $76 billion in the private fundraising market.

But Uber's operating losses declined from $4 billion in 2017 to $3 billion in 2018, indicating it could be heading in the right direction.

"The shadow of the Uber S-1 and the upcoming IPO roadshow is a clear overhang on Lyft shares as the Street is anticipating this event", Wedbush analyst Daniel Ives said in an email interview. The app is active in more than 700 cities, with drivers completing more than 14 million trips per day.

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