Ride-hailing company Uber Technologies Inc will unveil terms for its initial public offering on Friday, telling investors it will seek to be valued at between $80-billion and $90-billion , according to people familiar with the matter.
In addition, some Uber insiders will also sell their own shares in the IPO, the sources said. Reuters reported earlier this month that the combined value of Uber shares sold in the IPO could be around $10-billion. Southeast Asia’s ride-hailing company Grab, for example, has built out a line of financial services, including loans and insurance, to accelerate its growth in the region.PayPal’s investment and collaboration are contingent upon Uber completing its IPO.
The sources asked not to be identified because the matter is confidential. Uber declined to comment. The price range was reported earlier by Bloomberg News. The ride-hailing company has disclosed it has 91 million users, but growth is slowing and it may never make a profit. Uber in 2018 had $11.3-billion in revenue, up around 42 percent over 2017, but below the 106 percent growth the prior year.
Uber is reserving some shares in the IPO for some of its most active and best-performing drivers, including those who have completed at least 2,500 trips.