Logo of Phnom Penh Post newspaper Phnom Penh Post - US ride-sharing giant Uber pulls back on its stock debut valuation

US ride-sharing giant Uber pulls back on its stock debut valuation

Content image - Phnom Penh Post
Uber has said in a securities filing it would sell 207 million shares in a range of $44 to $50 dollars, raising up to $10 billion. QUIQUE GARCIA/AFP

US ride-sharing giant Uber pulls back on its stock debut valuation

UBER pulled back on its ambitious valuation target on Friday for its Wall Street debut, while still pricing its share offering in a range that would make it one of the largest in recent years in the tech sector.

The ride-hailing firm said in a securities filing it would sell 207 million shares in a range of $44 to $50 dollars, raising up to $10 billion.

That would give Uber a market value of between $74 billion and $84 billion. Some media reports said the figure could be up to $90 billion accounting for restricted stock options.

But the pricing target – still subject to change – fell below earlier ambitions of a valuation of more than $100 billion for the firm operating in some 700 cities around the world.

Uber will trade on the New York Stock Exchange under the ticker “UBER” sometime next month.

It also announced a private placement of the tech finance firm PayPal of $500 million.

In its filing, Uber estimated it lost $1.1 billion in the first quarter of this year of $1.1 billion on revenue of $3 billion, continuing a trend of steep losses for the San Francisco-based start-up.

Uber has become the largest ride-sharing platform but has also been expanding into new segments including food delivery, freight, and “last mile” transport using electric bikes and scooters.

It is investing heavily in autonomous driving technology, in a move that could someday allow the company to offer “robotaxis” without drivers.

The IPO document said Uber aims to disrupt transportation by making it easier for consumers to move about without private cars.

MOST VIEWED

  • Phnom Penh curfew starts today

    A two-week curfew from 8pm to 5am starts today in Phnom Penh, a day after a sub-decree detailing administrative measures to contain Covid-19 was issued by Prime Minister Hun Sen. “Travelling in Phnom Penh is temporally banned between 8pm and 5am,” said Phnom Penh governor

  • Cambodia on the verge of national tragedy, WHO warns

    The World Health Organisation (WHO) in Cambodia warned that the country had reached another critical point amid a sudden, huge surge in community transmission cases and deaths. “We stand on the brink of a national tragedy because of Covid-19. Despite our best efforts, we are

  • Cambodia gears up for muted New Year festival

    The recent curfew and restrictions imposed in the capital and other Covid-19 hotspots were intended to break the chain of transmission, Ministry of Health spokeswoman Or Vandine said as municipal and provincial authorities issued new directives banning certain activities during the upcoming Khmer New Year

  • Vaccination open to foreigners in Cambodia

    The Ministry of Health on April 8 issued an announcement on Covid-19 vaccination for foreigners residing and working in Cambodia, directing the Ministry of Labour and Vocational Training and local authorities to register them. Health minister Mam Bun Heng, who is also head of the inter-ministerial

  • Covid-19 vaccination now obligatory

    Prime Minister Hun Sen on April 11 issued a sub-decree making Covid-19 vaccination compulsory for individuals unless they have a medical certificate proving they have pre-existing health conditions that prevent them from doing so. «This applies to all members of the armed forces and civil servants

  • Time to Rise by rapper, chapei legend is viral hit with ancient-modern mix

    Kong Nay is known internationally as the master of the chapei dang veng, a traditional Cambodian instrument resembling a long-necked lute or guitar with two nylon strings that he was already playing professionally by the age of 15. Nay is sometimes referred to as the Cambodian