Lyft shares hit new low as Uber IPO chatter revs up

12 April, 2019, 03:41 | Author: Eric Barnett
  • An Uber driver using the Uber app on her phone

Uber CEO Dara Khosrowshahi will seek to ease similar concerns during his company's IPO roadshow, which is reportedly scheduled for late April.

Uber plans to sell about $10 billion worth of its stock in a highly anticipated flotation, and is seeking a market valuation of around $90 billion.

The company set a placeholder amount of $1 billion but did not specify the size of the IPO.

Uber's projected valuation would be higher than its most recent private valuation of $76 billion, but less than its rumored $120 billion target-likely a recalculation due to Lyft's slow entrance to the public market. The San Francisco-based company applied to list on the New York Stock Exchange under the ticker UBER, according to its filing Thursday with the U.S. Securities and Exchange Commission.

Uber will follow Lyft in going public.

Uber faces questions over how it will navigate any transition towards self-driving vehicles, a technology seen as potentially dramatically lowering costs but which could also disrupt its business model.

One advantage Uber will likely seek to play up to investors is that they are the largest player in numerous markets in which it operates.

Shares of recently listed Lyft Inc fell to a fresh low and closed the day down nearly 11 percent on Wednesday on news that rival Uber Technologies Inc was close to filing its own initial public offering.

Lyft went public with a relatively strong operating position in the wake of the viral #DeleteUber campaign, and it claimed having about 40 per cent of the United States market share.

Uber for years has been one of the most highly valued of a crop of venture-backed start-ups that includes its North American rival Lyft, which went public last month, as well as bookmarking site Pinterest and room-booking service Airbnb.

Uber is reserving some shares in the IPO for drivers who have completed 2,500 trips among other criteria.



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