Uber Files Public Offer Documents, Could Seek $100 Billion Valuation

Uber reportedly plans to sell $10 billion worth of stock in an initial public offering in May.                  Getty Images

Here are five things we learned from it.

The San Francisco-based company reported $11.3 billion in revenue a year ago, a sharp increase from the $7.9 billion in revenue in 2017. The company also said its technology for matching supply and demand is relevant to vehicle rides, scooter trips, restaurant meal orders and shipping bottles of water across the U.S. Uber completes more than 15 million trips a day.

"Lyft shares continue to be weak as many investors we have spoken with have worries about Uber's impending S-1 and roadshow which could be a dark shadow over Lyft's stock in the near-term", Wedbush analyst Daniel Ives wrote in a note to clients. The Uber filing gave the first comprehensive financial picture of the ride-hailing and transportation services company.

Uber is expected to file for its public offering as soon as Thursday, when potential investors would get the first opportunity to pore over hundreds of pages of detailed information on the ride-sharing giant's business plans.

At the same time, Uber's spending continues to rise, reaching US$14.3 billion previous year, up 19per cent from 2017.

Uber could finally start going public on Thursday-and the company hopes to achieve one of the biggest tech IPOs in history.

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 company is expected to begin trading on the New York Stock Exchange under the ticker UBER as early as May. However, it also lost $1.8 billion in 2018, as measured by EBITDA, a profitability metric.

Uber said its market share fell in most regions past year, although the rate of decline has slowed. At the end of 2018, Uber Eats, its most talked-about business, had gross bookings of $2.6 billion.

Still, the company is reliant on its core ride-sharing business for the vast majority of revenue.

Travis Kalanick, the former CEO who resigned in 2017 under pressure from the board, is one of Uber's largest shareholders, owning almost 9 per cent of the ride-hailing company's stock.

Waymo, in its lawsuit, had said one of its former engineers who became chief of Uber's self-driving auto project took with him thousands of confidential documents.

The company said in its filing that it meant to award cash bonuses to more than 1.1 million drivers in the United States. According to the prospectus, the biggest shareholders are SoftBank, which owns 16 per cent of Uber; venture capital firm Benchmark, which owns 11 per cent; Saudi Arabia's Public Investment Fund, which owns 5 per cent; Alphabet, which owns 5 per cent; and Kalanick, who owns 9 per cent.

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