Uber reportedly plans to sell $10 billion in stock in IPO next month
Ride-hailing startup's stock could begin trading as early as May, sources tell Reuters.
Uber reportedly plans to sell $10 billion worth of stock in an initial public offering in May.
Uber plans to sell about $10 billion worth of stock in its initial public offering, Reuters reported Tuesday, making it one of the largest tech IPOs ever.
Uber is expected to make its IPO registration with the US Securities and Exchange Commission on Thursday, sources described as familiar with the matter told the news outlet. An investor road show will begin at the end of April, putting the company on track to begin trading on the New York Stock Exchange in early May, sources said.
The ride-hailing startup is seeking a valuation of $90 billion to $100 billion, sources told Reuters. That range is a retreat of sorts from the previous valuation target of $120 billion investments bankers predicted before the disappointing performance of rival Lyft's IPO last month.
While Uber and Lyft offer the same service, hailing a ride with a smartphone app, it's expected each company will point potential investors to different aspects of their respective businesses. Uber will reportedly showcase itself as a global company with diverse features such as food delivery and flying cars. Lyft, much smaller, with services only in the US and Canada, is focusing on being a stable company that hasn't experienced the same kind of turmoil as Uber.
Uber submitted paperwork to the SEC for an IPO in early December, and Uber CEO Dara Khosrowshahi has publicly said the company is focusing on going public in the second half of 2019.
Uber didn't immediately respond to a request for comment.