Uber IPO: Former CEO Travis Kalanick to earn billions

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Uber is uber-sprawling, which presents a challenge to investors weighing whether to buy into a company with a reported valuation in the $100 billion range. The company applied to list on the New York Stock Exchange under the ticker UBER. This valuation would put Uber's value more than double of FedEx and over four times that of United Airlines' parent.

The registration will provide investors with their most complete look yet at Uber's financial and operational numbers and strong points of comparison to rival Lyft's IPO registration in March.

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

"We will not shy away from making short-term financial sacrifices where we see clear long-term benefits", wrote chief executive Dara Khosrowshahi in a letter that was included in the filing.

Although it is a privately held company, Uber also disclosed its quarterly results for two years "to bring in clarity and visibility".

Its number of monthly users, who turn to Uber for not only rides but also services like food delivery, was 91 million in 2018, up 34per cent from a year earlier.

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Uber Technologies Inc's initial public offering filing on Thursday contains data that will be key to selling itself to investors. However, its shares dropped by more than 7 percent after Uber's valuation news hit the market.

Lyft's poor stock performance bodes ill for these IPOs, especially for companies like Uber with no profits to show.

Uber's filing ends months of speculation, and makes the company the latest "unicorn" - a private firm worth over $1 billion - to tap the public markets.

Both Uber and Lyft have disrupted the way people travel short distances, particularly in big cities with once-thriving cab markets. It now operates in more than 63 countries and 700 cities around the world. It launched its first self-driving test vehicle in 2016 and its self-driving auto division has more than 1,000 employees, and it has built more than 250 self-driving cars so far.

A #DeleteUber campaign surged on social media in 2017 after a public relations crisis, which Uber said in its filing meant hundreds of thousands of consumers stopped using its platform within days.

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. The company also warned that potential future regulations or increases in insurance costs could impact the autonomous vehicle business. According to the prospectus, the biggest shareholders are SoftBank, which owns 16 per cent of Uber; venture capital firm Benchmark, which owns 11 per cent; Saudi Arabia's Public Investment Fund, which owns 5 per cent; Alphabet, which owns 5 per cent; and Kalanick, who owns 9 per cent.

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