Uber Files Public Offer Documents, Could Seek $100 Billion Valuation

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

According to the Wall Street Journal, Uber is aiming for a public valuation of as much as $100 billion.

The filing contained a "placeholder" amount of $1 billion to be raised but that figure is expected to increase ahead of the initial public offering (IPO) expected in May.

Uber's IPO is just the latest trouble for Lyft, which has endured an unenviable first few days as a public company having attracted skepticism about its market share growth, revenue expansion and optimistic valuation.

The company is expected to begin trading on the New York Stock Exchange under the ticker UBER as early as May. It said its revenue a year ago rose 42 per cent to reach $US11.3 billion ($NZ16.8b), and it achieved a $US1b profit, derived from selling some of its overseas businesses. Uber has also been reaching beyond the ride-hailing business, pitching investors a broader business that includes food and freight delivery, scooters, electric bikes and even flying cars. Although its user base includes customers of other services as well as ride-sharing, Uber's 91 million is almost five times the 18.6 million announced by rival Lyft Inc. Uber, however, posted an adjusted EBITDA loss of $1.85 billion in 2018.

Uber's filing follows rival Lyft Inc.'s $2.34 billion offering in March, which is the biggest U.S. IPO so far this year.

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Uber said it operates on six continents with some 14 million trips per day and has totalled more than 10 billion rides since it was founded in 2010.

One advantage Uber will likely seek to play up to investors is that they are the largest player in numerous markets in which it operates.

Uber said in its filing its ridesharing position in the United States and Canada was "significantly impacted by adverse publicity events" and that its position in many markets has been threatened by discounts from other ride-hailing companies. And it's likely to be the largest among US tech companies since Facebook took its bow on Wall Street seven years ago at a time when most people hadn't ever considered using an app on their smartphone to summon a ride from strangers driving their own cars.

But Uber's operating losses declined from $4 billion in 2017 to $3 billion in 2018, indicating it could be heading in the right direction.

But it suspended testing when one of its self-driving vehicles struck and killed a pedestrian in Arizona a year ago.

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