Uber IPO valued at up to $90 billion, SEC filing confirms
The ride-hailing company on Friday confirmed that it is targeting a valuation of up to $90 billion in its initial public offering, with the business the latest in a string of unicorn listings scheduled to go public this year.
Uber Technologies confirmed on Friday that it is seeking a valuation of between $80 billion - $90 billion in its upcoming initial public offering (IPO).
The ride-hailing company is the latest in a string of upcoming unicorn listings – private businesses targeting a valuation north of $1 billion – scheduled to happen this year, wiith social media site Pinterest, collaboration tool provider Slack and Airbnb all planning to going public in 2019.
Uber lowers expectations after Lyft IPO disappoints
The ride-hailing company had originally targeted a valuation of $120 billion but, according to media reports, lowered its expectations after its smaller rival Lyft’s share price fell by 22% since it listed on Nasdaq’s exchange on March 29.
Uber also confirmed that its stock ticker on the New York Stock Exchange (NYSE) will be UBER.
Uber IPO: Initial market cap comparison
PayPal backs Uber IPO with $500 million investment
In its filing to the US Securities & Exchange Commission (SEC), Uber confirmed reports that PayPal will invest $500 million through a concurrent private placement at the IPO price.
‘We and Paypal extended our global partnership through the execution of an addendum to our existing commercial agreement,’ the company said.
‘We and Paypal intend to explore future commercial payment collaborations, including the development of our digital wallet.’
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The price of the grey market is a prediction of what Uber’s total market capitalisation will be at the end of its first day of trading.
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