FILE PHOTO: The Uber Hub is seen in Redondo Beach, California, U.S., March 25, 2019. REUTERS/Lucy Nicholson
April 10, 2019
(Reuters) – Uber Technologies Inc has decided it will seek to sell around $10 billion worth of stock in its initial public offering (IPO), and will make public the registration of this offering on Thursday, people familiar with the matter said on Tuesday.
Most of the shares sold would be issued by the company, while a smaller portion would be owned by investors cashing out, one of the sources said.
Uber plans to make its IPO registration with the U.S. Securities and Exchange Commission publicly available later this week, and will kick of its investor roadshow during the week of April 29, putting it on track to price its IPO and begin trading on the New York Stock Exchange in early May, the sources said.
The company is seeking a valuation of between $90 billion and $100 billion, influenced by the stock performance of smaller rival Lyft Inc following its IPO last month, the sources said. Investment bankers had previously told Uber it could be worth as much as $120 billion.
The sources cautioned that the plans are still subject to change and market conditions, and asked not to be identified because the matter is confidential.
A representative for Uber declined to comment.
(Reporting by Joshua Franklin and Carl O’Donnell in New York; Additional reporting by Liana B. Baker in New York; Editing by Sandra Maler)
