Uber officially files for initial public offering
Uber Technologies Inc. filed for an initial public offering with the Securities and Exchange Commission on Thursday, setting up the most anticipated Silicon Valley IPO since Facebook Inc.
The interest in an Uber IPO could eventually rival Facebook FB, -0.17% , which went public with much fanfare in 2012. The social network raised about $16 billion in its IPO, the largest for a U.S. tech IPO after Visa Inc.’s V, -0.44% 2008 offering that neared $18 billion. Chinese e-commerce giant Alibaba Group Holding Ltd. BABA, -0.65% raised about $25 billion in its 2014 IPO, the largest in history.
Khosrowshahi, previously the CEO of Expedia Group Inc. EXPE, +0.35% , took over the helm of Uber in August 2017, after founder Travis Kalanick stepped down amid controversy around the company’s culture and business tactics. Khosrowshahi admitted “missteps along the way” to the IPO in his letter, but insisted that he has established a new structure.
The company said it had an operating loss of more than $3 billion in 2018, an improvement from an operating loss of more than $4 billion in 2017, but claimed net income of almost $1 billion for the year thanks to the divestiture of operations in Russia and Southeast Asia and an increase in the value of its investments. Uber reported more than $3 billion in gains from the divestitures and almost $2 billion in unrealized gains from investments. Overall, Uber reported an accumulated deficit of $7.
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