Scales back value target,Uber seeks $10 bn IPO

Uber is seeking to raise some $ 10 billion in what would be the largest stock offering of the year , with details coming this week , the Wall Street Journal reported Wednesday.

The global ride – hailing giant is seeking a valuation close to $ 100 billion — an impressive figure but below some earlier estimates amid an ebbing of enthusiasm on growth and profitability , the report said .

The Journal said details of Uber ’ s initial public offering (IPO ) would be released Thursday and the market debut was expected in May .

The IPO comes after a mixed response to the market debut for Lyft , the main US rival of Uber .

Lyft shares rose on the first day of trading and then lost ground .

On Wednesday, shares were trading down more than 10 percent from the $ 72 offering price.

The Journal , citing unnamed sources, said Uber recently provided documents showing a potential price range of between $ 48 and $ 55 a share , implying a valuation of between $ 90 billion and $ 100 billion .

These figures could change ahead of the market launch but would be below the estimated $ 120 billion suggested by some investment bankers , according to the report .

Uber released financial data earlier this year showing it lost $ 865 million in the fourth quarter of 2018 , compared with $ 1 . 1 billion in the same period a year earlier.

The San Francisco – based firm reported revenue of $ 3 billion , a 25 percent increase from a year earlier.

Chief executive Dara Khosrowshahi has promised greater transparency as he seeks to restore confidence in the global ridesharing leader hit by a wave of misconduct scandals .

119 thoughts on “Scales back value target,Uber seeks $10 bn IPO

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