Uber files for the most-hyped IPO of the year

Uber reportedly plans to sell $10 billion worth of stock in an initial public offering in May.                  Getty Images

That would make it the largest IPO since Alibaba Group went public in 2014 with a staring valuation of $169 billion.

Uber will list on the New York Stock Exchange using the ticker symbol UBER.

The ridesharing company will seek to sell roughly $10 billion in stock, according to a Reuters report, which also confirmed the expected timing of the IPO registration.

To lessen the surprise of its losses when it did finally go public, Uber has disclosed its quarterly results for two years even though, as a privately held company, it was not obligated to do so. It shortened its name to Uber in 2010, distancing itself from the taxicab industry, which has criticized the company for operating under less regulation than the traditional taxi industry.

Uber co-founder Travis Kalanick, who was ousted from the firm in 2017 amid controversies over company culture, owns an 8.6 per cent stake as its third biggest shareholder. Uber, however, posted an adjusted EBITDA loss of $1.85 billion in 2018.

Uber is also expanding in other markets such as freight while offering other ways to get around with shared scooters and bikes.

Uber Eats is one of the fastest growing segments of Uber's business.

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Uber has achieved massive growth globally and claims a roughly 70% marketshare in the USA, but it is still very much competing with Lyft and spending commensurately to keep its edge with consumers.

In its filing, Uber said it made a profit of US$997 million in 2018, largely from selling parts of its business in places like Southeast Asia and Russian Federation.

Lyft fell as much as 6.1%, to $US58.28 a share, on Friday; the company initially priced its stock at $US72 a share in late March, and opened at $US87.24 a share. "It could be that people are anticipating the Uber IPO". Uber completes more than 15 million trips a day.

The company set a placeholder amount of $1 billion but did not specify the size of the IPO.

Former Expedia CEO Dara Khosrowshahi took over management of Uber in 2017 and has aimed to restore the company's standing with a more cautious approach to safety issues and acknowledgment of the company's faults.

To Uber's credit, it is firing off a cannon-sized number of metrics at investors. Uber also owns parts of multiple on-demand ride companies around the world, including Didi Chuxing in China and Russia's Yandex.

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