Uber Technologies is seeking to raise as much as $9 billion in an initial public offering that could give the ride-hailing giant a market valuation of as much as $84 billion.
The No. 1 ride-hailing company plans to offer 180 million shares at $44 to $50 each, according to a regulatory filing Friday. The filing puts Uber on track to make its trading debut in May on the New York Stock Exchange in what is expected to be the year’s biggest U.S. IPO.At the top of the range, the listing would value Uber at almost $84 billion, based on the number of shares outstanding after the offering, as detailed in the filing.
At the low end of the range, Uber’s market valuation would be just $74 billion — below its last private funding round, in which Toyota Motor Corp. invested at a valuation of about $76 billion. Uber is taking a conservative approach to its valuation and could later raise the price depending on investor demand, people familiar with the matter have said. Last year, bankers jockeying to lead the offering told Uber it could be valued at as much as $120 billion in an IPO.
Venture capital firm Benchmark, Uber’s second-biggest shareholder, plans to sell the most shares into the public offering, Friday’s filing shows. At the high end of Uber’s range, the sale could net the firm $287 million. It would still hold onto 8.5% of Uber’s shares after the transaction. Other high-profile startups with plans to go public, or considering it, include Slack Technologies Inc., Postmates Inc., Palantir Technologies Inc. and Airbnb Inc.
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