Uber-To-Go-Public-Biggest-IPO-this-year-Profitix-News

Uber To Go Public - Biggest IPO this year?

April 12, 2019 | Friday

Stocks

   

Last Thursday, Uber Technology Inc. filed its long-awaited initial public offering (IPO) with the Securities and Exchange Commission (SEC). Since December last year, the company confidentially filed to go public. Uber will then be under the New York Stock Exchange listing with the symbol "UBER."

Within the company's S-1 filing, Uber reported its $11.27 billion revenue. That includes its net income amounting to $997 million with adjusted Earnings before interest, tax, depreciation, and amortization (EBITDA) loss at about $1.85 billion.

Uber's CEO, Dara Khosrowshahi stated within a letter, "Our continued success will come from stellar execution and the strength of the platform we have worked so hard to build." According to Khosrowshahi, Ubers "network spans tens of millions of consumers and partners and represents one of the world's largest platforms for independent work."

Uber, even as a private company discloses its financial performances. In fact, in February, the company reveals its last year's Q4 revenue. That amount at about $3 billion with its reports on the slight declining operations.

Even as a privately held company, Uber raised about $20 billion in venture capital within more than a dozen funding series. As a result of its efforts, the company then valued report reached about $120 billion.

Now, if this valuation endures, Uber could make it to the top. It might rank in line with the Union Pacific and other tech giants as the most valuable public companies.

Uber's growth in capital from the past decade supported it to hold more cities around 60 countries worldwide. That is a notable difference against its competition, Lfyt focusing more on Canada and the US.

In Khorowshahi letter, he also said, "Taking this step means that we have greater responsibilities — to our shareholders, our customers, and our colleagues."

   

Loving what you've read now and want to have more news similar to this? Send your contact details here. Need to advertise your business? Connect with us now, and we'll be glad to help.