Uber filed documents on Thursday for its much-anticipated public share offering expected to be the largest in the tech sector in years, and a bellwether for other venture-backed startups eyeing Wall Street listing.[SAN FRANCISCO] Uber filed documents on Thursday for its much-anticipated public share offering expected to be the largest in the tech sector in years, and a bellwether for other venture-backed startups eyeing Wall Street listing.
The filing noted that Uber offers ridesharing in some 700 cities but has bolder ambitions to reshape how people and goods are transported with operations such as meal deliveries, freight, and electric bikes and scooters."Our mission is to ignite opportunity by setting the world in motion," the document filed with the Securities and Exchange Commission.
Chief executive Dara Khosrowshahi, who took over in 2017 as part of an effort to reform a corporate culture marred by misconduct and other scandals, said Uber has taken steps to restore its brand and credibility. "We believe that autonomous vehicle technologies will enable a product that competes with the cost of personal vehicle ownership and usage, and represents the future of transportation," Uber's filing said.
"Investors should be ready for a lot of volatility" in Uber, said Scott Rostan, a former investment banker who is currently an adjunct professor at the University of North Carolina.
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