Uber Technologies, which operates an on-demand ridesharing app that connects riders and drivers, filed on Thursday with the SEC to raise up to $1.0 billion in an initial public offering. However the deal size is likely a placeholder for an IPO that we estimate could raise $10 billion.
Last valued at $76 billion in August 2018, Uber is reportedly targeting a valuation of $90 to $100 billion. Uber will almost certainly be the largest US IPO since Alibaba (2012) and the largest IPO of a US company since Facebook (2012).
Its filing comes just two weeks after the offering of its smaller rival, Lyft (LYFT), which raised $2.3 billion at a market cap of $24.4 billion, but now trades 15% below its offer price.
The San Francisco, CA-based company was founded in 2009 and booked $11.3 billion in revenue for the 12 months ended December 31, 2018. It plans to list on the NYSE under the symbol UBER. Morgan Stanley, Goldman Sachs, BofA Merrill Lynch, Barclays, Citi and Allen & Company are the joint bookrunners on the deal. No pricing terms were disclosed.
