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Uber IPO: Former CEO Travis Kalanick to earn billions

Uber IPO: Former CEO Travis Kalanick to earn billions”

Both Uber and Lyft lose money though Uber has trimmed its losses in recent years. Reuters reported this week that Uber plans to sell around $10 billion worth of stock at a valuation of between $90 billion and $100 billion.

Uber's float will be the largest since Alibaba, the Chinese ecommerce conglomerate, listed on the Nasdaq exchange in 2014, raising a record $25 billion.

Uber officially filed for an initial public offering on Thursday.

Uber, however, hasn't disclosed the valuation it is seeking from the public investors.

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Ride sharing behemoth Uber filed paperwork with regulators to go public on Thursday, after rival Lyft became the first to tap the markets in what is shaping up to be a banner year for technology initial public offerings. Lyft's stock debuted last month at $72 per share before quickly dropping below that mark thanks to concerns about the company's future profitability. It did report income of $997 million past year on revenue of $11.3 billion.

Uber lost $3.03 billion in 2018 from operations.

Under the leadership of Kalanick, who was chief executive, Uber also increased its footprint internationally. At the end of 2018, Uber Eats, its most talked-about business, had gross bookings of $2.6 billion.

Uber, which was founded in 2009, has completed a total of over 10 billion rides and has expanded to more than 700 cities in over 60 countries. Drivers will be able to use the bonuses to purchase Uber stock at its IPO price. New York City taxi drivers experienced a major win in August 2018 when the city council said it would cap licensing new Uber and Lyft services for a year so the city could study ride-sharing services' effects on transportation. Uber declined to comment for the report which cited unnamed people familiar with the matter.

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A Waymo spokesperson said: "This review is on-going and we will continue to take the necessary steps to ensure our confidential information is not being used by Uber". Uber Freight, meanwhile, has grown to over $125 million in revenue for the last quarter of 2018. Former CEO Travis Kalanick owns 8.6 percent, while Benchmark Capital Partners holds an 11 percent stake.

Uber said in its filing its ridesharing position in the United States and Canada was "significantly impacted by adverse publicity events" and that its position in many markets has been threatened by discounts from other ride-hailing companies.

The highly competitive space of personal mobility, meal delivery, and logistics industries is the company's largest risk.

"Mr. Kalanick was selected to serve on our board of directors because of his experience as one of the co-founders and early leaders of our company, and as such, his extensive knowledge of our business, and his innovation, technology, and high-growth experience, as well as his consumer and digital experience", Uber said in an S-1 filing declaring its intention to go public.

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Lyft is a startup "unicorn" that has Wall Street gushing with excitement, but don't jump on the Lyft IPO bandwagon just yet. Uber , which is also loss-making, would be valued at about $128 billion at its IPO if awarded the same multiple as Lyft.



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