Investors could get their first look at hundreds of pages of detailed information about Uber Technologies Inc. as soon as Thursday, as the ride-hailing giant gears up to publicly file for an initial public offering.
The company will kick off a road show to market shares to potential investors this month and would begin trading publicly in May, said people familiar with the matter, who asked not to be identified because the information is private. Uber is seeking to raise about $10 billion, one of the people said.The offering is expected to be the largest U.S. IPO this year and among the 10 largest of all-time.
Investors will want an explanation for Uber’s flattening trajectory, a possible signal that its core ride-hailing business may be stalling. They’ll also want to know where the money is coming from as the company expands into food and freight delivery and scooters and bicycles, as it also eyes driverless and even flying vehicles.
“I don’t know if they’re going to give us enough to get to that level of specificity, but the U.S. is the oldest, most mature market,” said Tom White, a senior analyst at D.A. Davidson & Co. “I think some investors think it has slowed significantly.” Contribution margins, a measure that’s meant to show which businesses can operate profitably, will be one tool provided for digging through its spreadsheets. Uber calculates its contribution margin by tacking on more costs than Lyft does, according to people with knowledge of the matter. Uber’s more conservative metric may give investors a better sense of its business, even if it makes direct comparisons with Lyft more difficult.
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