It reportedly plans to sell about $10 billion worth of stock, which would make it one of the largest USA tech IPOs ever coming in at an anticipated $120 billion.
Uber plans to make its IPO registration with the U.S. Securities and Exchange Commission publicly available on Thursday, and will kick of its investor roadshow during the week of April 29, putting it on track to price its IPO and begin trading on the New York Stock Exchange in early May, the sources said. Uber expected to raise about $10 billion at a valuation of $90 billion to $100 billion.
Uber will follow Lyft Inc in going public. That would make it the largest IPO since Alibaba Group went public in 2014 with a staring valuation of $169 billion.
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. Analysts consider building scale crucial for Uber's business model to become profitable.
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.
The San Francisco-based company reported $11.3 billion in revenue past year, a sharp increase from the $7.9 billion in revenue in 2017. And it's likely to be the largest among US tech companies since Facebook took its bow on Wall Street seven years ago at a time when most people hadn't ever considered using an app on their smartphone to summon a ride from strangers driving their own cars. Khosrowshahi joined Uber in 2017 from Expedia Inc to replace company co-founder Travis Kalanick who was ousted as CEO.
But Uber's operating losses declined from $4 billion in 2017 to $3 billion in 2018, indicating it could be heading in the right direction. The company claims more than 65 percent market share in the United States and Canada, compared to Lyft's stated 39 percent in the United States. The app is active in more than 700 cities, with drivers completing more than 14 million trips per day.