Uber plans to sell around $10 billion worth of stock in IPO Uber Technologies Inc has decided it will seek to sell around $10 billion worth of stock in its initial public offering.
Uber is seeking a valuation of between $90 billion and $100 billion, influenced by the poor performance of smaller rival Lyft Inc’s shares following its IPO late last month.Inc has decided it will seek to sell around $10 billion worth of stock in its initial public offering, and will make public the registration of the offering on Thursday, people familiar with the matter said on Tuesday.
Uber is seeking a valuation of between $90 billion and $100 billion, influenced by the poor performance of smaller rival Lyft Inc’s shares following its IPO late last month, the sources said. Investment bankers previously told Uber it could be worth as much as $120 billion.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.
In moderating its valuation expectations, Uber is showing a realism that is being increasingly adopted by Silicon Valley unicorns, as stock market investors push back against some of the lofty price tags sought. Uber operates in more than 70 countries. In addition to ride-hailing, its business includes bike and scooter rentals, freight hauling, food delivery, and an expensive self-driving car division.
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