Uber sets terms for IPO, posts $1 billion first-quarter loss
- Uber Technologies Inc, the world’s largest ride-hailing company, plans an initial public offering that values the company lower than the startup’s insiders had hoped, between $80.5 billion and $91.5 billion.
“We believe that recent price reductions for both Uber and Lyft may be indicative of investor hesitance to invest in highly capital-intensive, deeply unprofitable and untested business models at this late stage of the economic cycle,” PitchBook analyst Asad Hussain said. The updated public filing comes as Uber begins its 10-day investor road show, in which management will pitch Uber to public markets investors.
Uber will face a host of questions from investors, including when it will turn a profit, how it will navigate the transition to autonomous vehicles, and whether its business model can support higher driver costs from minimum wage rules.
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