Uber on Friday set a price range of $44 to $50 per share for its IPO in an updated filing, giving it a market cap of nearly $84 billion at the high end.
The company, which is beginning its initial public offering road show on Friday, seeks to raise about $9 billion in cash in its IPO and will offer 180 million shares.
On a fully diluted basis, Uber's valuation would be $80.53 billion on the low end of the range and $91.51 billion on the high end.
Early reports suggested Uber could be valued as high as $120 billion. Even at the high end of Uber's range, its valuation would be far less than many expected. The company's market cap would be $73.7 billion at the low end of its range. Uber's last private valuation was about $76 billion.
PayPal also announced Friday that it invested $500 million in Uber. PayPal CEO Dan Schulman said in a statement on LinkedIn that PayPal is extending its current partnership with Uber to build out Uber's digital wallet system. PayPal will buy $500 million worth of Uber stock at the IPO price.
Uber is expected to go public in early May on the NYSE under the ticker UBER. Its IPO will happen a little over a month after its chief rival Lyft. Lyft saw its shares drop significantly in the weeks since its IPO, which could have put a damper on Uber's valuation. Lyft has a market cap of about $16 billion.
The company is the latest of several large tech firms to enter the IPO process this year including Lyft, Zoom, Pinterest and PagerDuty. Slack is also expected to release its prospectus Friday for a direct listing on the New York Stock Exchange.
https://www.cnbc.com/2019/04/26/uber-sets-price-range-for-shares-at-44-to-50.html
2019-04-26 11:33:54Z
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