Uber looks to raise US$9 billion in its IPO
Uber Technologies Inc. is seeking to raise as much as $9 billion in an initial public offering that could give the ride-hailing giant a market valuation of as much as US$84 billion.
The No. 1 ride-hailing company plans to offer 180 million shares at US$44 to US$50 each, according to a regulatory filing Friday. The filing puts Uber on track to make its trading debut in May on the New York Stock Exchange in what is expected to be the year’s biggest U.S. IPO.
At the top of the range the listing would value Uber at almost US$84 billion, based on the number of shares outstanding after the offering, as detailed in the filing. On a fully diluted basis, including the addition of stock options, restricted shares or other stakes not included in the outstanding total, the valuation could top US$91.5 billion.
At the targeted range, San Francisco-based Uber’s offering will be among the 10 largest U.S. IPOs of all time and the biggest on a U.S. exchange since Alibaba Group Holding Ltd.’s US$25 billion global record holder in 2014. In March, ride-hailing rival Lyft Inc. raised US$2.34 billion in its IPO -- the year’s biggest so far -- amid a swarm of listings by tech-related companies including Pinterest Inc. and Zoom Video Communications Inc.