Uber Technologies has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). Although Lyft came public earlier this year, this is the ridesharing IPO that everyone has waited for and expectations are running high.
Uber expects to price its 180.0 million shares in the range of $44 to $50 a piece, with an overallotment option for an additional 27.0 million shares. At the maximum price, the entire offering is valued up to $10.35 billion. The company intends to list its shares on the New York Stock Exchange under the symbol UBER.
The underwriters for the offering are Morgan Stanley, Goldman Sachs, Merrill Lynch, Barclays, Citigroup, Allen, RBC Capital Markets, SunTrust Robinson Humphrey, Deutsche Bank, HSBC, SMBC, Mizuho Securities, Needham, Loop Capital Markets, Siebert Cisneros Shank, Academy Securities, BTIG, Canaccord Genuity, CastleOak Securities, Cowen, Evercore ISI, JMP Securities, Macquarie Capital, Mischler Financial Group, Oppenheimer, Raymond James, William Blair, Williams Capital and TPG Capital.
Uber revolutionized personal mobility with ridesharing, and it currently operates the largest ridesharing service in the world. Management is leveraging its platform to redefine the massive meal delivery and logistics industries.
Some fear Uber still faces the potential skepticism of investors on its early trading days.
In the filing, Uber described its finances as follows:
In 2018, Gross Bookings grew to $49.8 billion, up 45% from $34.4 billion in 2017. Over the same period, revenue reached $11.3 billion, up 42% from $7.9 billion in the prior year. Core Platform Adjusted Net Revenue was $9.9 billion in 2018, up 39% from $7.1 billion in 2017. Net income (loss) was $1.0 billion in 2018 and $(4.0) billion in 2017. Adjusted EBITDA was $(1.8) billion in 2018 and $(2.6) billion in 2017.
The company intends to use the net proceeds from this offering for general corporate purposes, including working capital, operating expenses and capital expenditures.