April 28, 2019 | Investopaper
Taxi app company Uber is going to make an IPO issue which is expected to raise around $10 billion. The company which reported a net loss of $1 billion in the first quarter of 2019 is looking for a valuation of $90 billion in its stock market debut. The company is issuing 180 million shares in the offering.
The company has also said that it may never be able to generate profit but still, it is one of the most anticipated share issue of the year. Except for its core ride-hailing service, the company is also investing to develop driverless cars and runs food delivery business. The food delivery business is named as Uber Eats.
According to the first quarterly report of the company this year, its drivers made 1.5 billion passenger journeys. Still, the company is in huge loss. Lately, Lyft, which is also a ride-hailing giant like Uber, has seen a drop of 20 percent as compared to the initial price paid by the investors after making a promising start in the stock market. So, Uber will be promoting its share issue for the next 10 days.