Ride-hailing Giant Uber Files for IPO, Says 'May Never Make Profits'
15 Avril, 2019, 00:59 | Auteur: Auguste Feret
That's below earlier estimates of $120 billion.
American cab-hailing firm Uber Technologies Inc has mentioned its India business, the largest after the USA market, prominently in its initial public offering (IPO) filing.
"The large filing reveals Uber has already been generating the strong revenue growth that amuses investors, but racked up almost $8 billion in reductions over its 10 years in existence, which mirrors the same trend hard Lyft", Uber's primary competition in the U.S. The S-1 stated that if Uber considered its drivers as employees, it would be a huge blow to the business.
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While Uber's competitor, another prominent ridesharing company, Lyft, already went public at the end of March under the thicker (LYFT), raising 2.3 billion dollars at the price of 72$ per share, investors are eager to see whether Uber will encounter an equal enthusiasm in the market once the company goes public.
The ride-hailing service revealed that in 2018, gross bookings climbed to $49.8 billion, a 45 percent increase from the $34.4 billion generated a year earlier. Incidentally, the IPO filings show the USA department of justice is investigating potential improper payments to police by Uber in multiple markets including India.
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"Our continued success will come from stellar execution and the strength of the platform we have worked so hard to build", CEO Dara Khosrowshahi said in a letter in the filing.
Profitability has turned out to be a struggle for Lyft and Uber.
The company is expected to try to raise roughly $10 billion and seeks a market value of $90 billion to $100 billion, according to the Wall Street Journal.
Although Uber has not announced its official price range per share, the company has already raised nearly $20bn in investment rounds, totaling Uber's valuation at nearly $120bn.
Uber lists Seattle's law, as well as New York's one-year freeze on new Uber drivers and San Francisco's proposed surcharge on ride-sharing as "Regulatory Risks Related to Our Business".
While revenue growth in its ride-hailing business slowed, its food delivery service, Uber Eats, is soaring.
Analysts argue that, that side of the business has rapidly gained market share and has established itself as a key part of the overall group, so it makes sense for bosses to plough more money into it. Now it will be up to the successor, Khosrowshahi of Kalanick, to convince investors who Uber has cleaned up its act and values that a market value greater than Ford Motor and General Motors combined. It established its very first test automobile that was self-driving in 2016 and its own auto division has more than 1,000 employees, and more than 250 cars have been built by it so far.
Daniel Ives of Wedbush Securities noted that the ride-hailing firms will face competition from other autonomous driving firms including the former Google vehicle unit Waymo. Alphabet also owns roughly 5% of Lyft's stock.
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