In a much-anticipated move, the ride-hailing service Uber has filed its S1, setting the stage for the transportation company’s decision to go public next month, according to a report by TechCrunch. This latest move by Uber comes close on the heels of competitor Lyft’s debut on the public market about a month ago.
The two ride-hailing companies have been involved in a race to the public markets in tandem, but it is widely accepted that Uber’s offering is going to be significantly higher than that of Lyft.
The company will be listed on the New York Stock Exchange (NYSE) under the ticker “UBER” but the initial public offering price has not been disclosed yet. The company has not yet disclosed the valuation of the company, but it has been reported that the valuation will be somewhere in the range of $90 billion to $100 billion.
In its filing, the company has disclosed its 2018 revenues at $11.27 billion and a net income of $997 million. This is not the first time that Uber has disclosed its financial details. In its last report in February, the company disclosed $3 billion in Q4 2018 revenue with rising operating losses.
From the ridesharing perspective alone, Uber’s revenues have increased from $3.5 billion in 2016 to $9.2 billion in 2018, with gross bookings touching $41.5 billion last year from ridesharing products.
The report further goes on to add that it is still unclear how much money the main stakeholders will make with its co-founder Travis Kalanick owning 8.6 percent of the company. The other important stakeholders in the company include SB Cayman 2 Ltd. and Alphabet.
Lyft filed its S1 documents in March and since its surge on the first day of its launch, Lyft’s stocks have suffered. It remains interesting to see what fate awaits this transportation giant which is going public with high hopes.