REUTERS: Ride-hailing company Uber Technologies Inc is aiming for a valuation of up to US$91.5 billion in its initial public offering, potentially the largest U.S. listing in years and a test of investor appetite for a high-growth but highly unprofitable business.
Uber also said PayPal had agreed to purchase US$500 million of stock in a private placement at the price the IPO eventually settles at. Uber will face a host of questions from investors, including when it will turn a profit, how it will navigate the transition to autonomous vehicles and whether its business model can support higher driver costs from minimum wage rules.Underscoring the company's ability to generate revenue but also the scale of its losses, Uber reported in the filing a net loss attributable to the company for the first quarter of 2019 of around US$1 billion on sales of roughly US$3 billion.
The valuation that Uber is seeking in its IPO is less than the US$120 billion that investment bankers told Uber last year it could fetch, and closer to the US$76 billion valuation it attained in its last private fundraising round in 2018.
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