Economy

Uber to debut on NY bourse

Uber to debut on NY bourse

Investment bankers had earlier told Uber it could be worth about $120 billion. Uber's operating loss was $3bn a year ago, while revenue slowed at $11.3bn, according to documents filed with the US Securities and Exchange Commission.

But immediately after submitting an application for an IPO, many people had questions about how stable the Uber business is.

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The move comes after a lackluster market debut for Uber's USA rival Lyft, which has lost more than 10 percent of its value since its IPO last month.

Uber believes its Uber Eats app has so far only captured 1% of a almost $US800 billion market.

Revenue growth also slowed. Yet the falling share price of Lyft, the app-based transportation network, after its flotation in the U.S. last week has highlighted the dangers of ploughing money into new issues.

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In an effort to reward long-time drivers, Uber said it would give drivers "a Driver appreciation reward" in an amount equal to $100 for 2,500 rides, $500 for 5,000 rides, $1,000 for 10,000 rides, or $10,000 for 20,000 rides.

The filing with the Securities and Exchange Commission contained no specific pricing or timing for the market debut for Uber, which according to media reports was expected to raise some $10 billion.

"In my opinion if you are buying into Uber or Lyft you're buying into a belief this is going to revolutionize transportation in the future".

Last year, the ride-hailing giant settled a legal dispute over trade secrets with Alphabet Inc's Waymo self-driving vehicle unit.

Uber have fallen behind slightly in the race to create self-driving cars. Uber says it spent $457 million in 2018 on its various futuristic projects, including autonomous vehicles and flying cars. Analysts consider building scale crucial for Uber's business model to become profitable. Now it will be up to Kalanick's successor, Khosrowshahi, to persuade investors that Uber has cleaned up its act and merits a market value higher than Ford Motor and General Motors combined.

Those have included sexual harassment allegations, a massive data breach that was concealed from regulators, use of illicit software to evade authorities and allegations of bribery overseas. Travis Kalanick, who was ousted as CEO in 2017 but still owns 8.3 percent of the company's pre-IPO shares valued at roughly $9 billion, will likely see his wealth multiply by billions of dollars.

Outside the US-Canada combine, according to the miles of rides covered, Europe is the largest market (271 million) for Uber followed by Latin America (94 million), Japan/South Korea (79 million), and Middle East & Africa (74 million).

Uber will begin its IPO roadshow next week with shares hitting markets in May. The company claims more than 65 percent market share in the United States and Canada, versus Lyft's stated 39 percent in the United States.