Uber files to go public as losses mount

Dwayne Harmon
April 14, 2019

Uber's IPO is expected to be much larger than Lyft's however, as Uber is a much larger company.

The company is on track to price its IPO and begin trading on the New York Stock Exchange in early May. That has likely influenced Uber's IPO, in which the company aims to sell around $10 billion worth of stock. However, both companies are also treading in uncharted territory when it comes to insuring a risk profile even actual insurers do not have enough information on.

Uber's filing reveals that Uber had an average of 91 million monthly active users on its platform at the end of 2018.

Uber may also have better name recognition, said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh. It has, however, struggled to stem its billions of dollars of losses and has been forced to exit some markets, caving to competition from local rivals. However, it also lost $1.8 billion in 2018, as measured by EBITDA, a profitability metric. The company said it sustained an operating loss of $3 billion.

Uber Technologies Inc. filed for an initial public offering, starting the clock on what's expected to be the biggest USA listing this year.

Uber is also expanding in other markets such as freight while offering other ways to get around with shared scooters and bikes.

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In an effort to reward long-time drivers, Uber said it would give drivers "a Driver appreciation reward" in an amount equal to $100 for 2,500 rides, $500 for 5,000 rides, $1,000 for 10,000 rides, or $10,000 for 20,000 rides.

"Uber accounts for less than 1% of all miles driven globally", he wrote in an accompanying letter to investors.

Additionally, social media company Pinterest, a company losing money as well, has set a price range for its public offering below its last valuation. Its IPO could come as soon as early May.

More than 60,000 drivers have filed or told Uber that they intend to file arbitration cases against the company, claiming that they were misclassified as independent contractors, the company said.

Kalanick is one of Uber's largest shareholders, owning almost 9% of the company's stock. Uber thinks dockless e-bikes and scooters could drastically reduce passenger vehicle trips under three miles, but also acknowledges that it wields little control over the complex supply chain associated with bikes and scooters.

Kalanick, 42, holds a roughly 8% stake in Uber and still sits on the company's board of directors. That profit was driven primarily by the sales of assets in Southeast Asia and Russian Federation, as well as an increase in the estimated value of its stock in China's largest ride-hailing company, Didi Chuxing. The company was last valued at $76 billion.

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