Exclusive: Uber plans to sell about $ 10 billion worth of shares in IPOs – sources

(Reuters) – Uber Technologies Inc. has decided to seek to sell about $ 10 billion of stock during its initial public offering and to make public the registration of the offer Thursday, announced Tuesday people close to the file.

An IPO of this size would make Uber one of the largest IPOs in the technology field, and the largest since China's e-commerce giant Alibaba Group Holding Ltd in 2014.

Uber is seeking a valuation of between $ 90 and $ 100 billion, influenced by the poor performance of smaller shares of rival Lyft Inc. after its IPO at the end of last month, said sources. The investment bankers had previously told Uber that this amount could reach $ 120 billion.

Uber recently accounted for $ 76 billion in the private fundraising market.

Most of the shares sold would be issued by the company, while a smaller portion would belong to Uber investors, said one of the sources.

Uber plans to make public the registration of its IPO to the US Securities and Exchange Commission on Thursday, and will kick off its roadshow for investors during the week. April 29, which will allow it to position its IPO and start trading on the NYSE. early May, sources said.

The sources warned that plans are still subject to change and market conditions, and asked not to be identified because the case is confidential.

An Uber representative declined to comment.

Lyft's IPO was in the upper half of its upwardly revised range last month, giving it a valuation of more than $ 24 billion in a bid raising $ 2.34 billion. The title, however, has been poorly negotiated since its debut on the Nasdaq on March 29, with concerns about the trajectory of the start-up to profitability becoming more and more obvious. Shares ended trading Tuesday at $ 67.44, well below the IPO price of $ 72.

By moderating its valuation expectations, Uber shows a realism increasingly adopted by the unicorns of Silicon Valley, while investors in the stock market are pushing back some of the high prices sought.

On Monday, Pinterest Inc set for its IPO a price range lower than the $ 12 billion that the online image search company had obtained its last private fundraiser in 2017.

Uber operates in more than 70 countries. In addition to passenger transport, its business includes the rental of bicycles and scooters, the transportation of goods, the delivery of food and an expensive division of autonomous cars.

During the IPO Tour, Dara Khosrowshahi, CEO of Uber, will be tasked with convincing investors that he has managed to change the company's culture and business practices after a series of embarrassing scandals. in the last two years.

These include allegations of sexual harassment, a massive data breach concealed from regulators, the use of illicit software to evade authorities and allegations of bribery abroad.

Last year, Uber achieved a turnover of $ 11.3 billion, while gross bookings for rides amounted to $ 50 billion. However, the company lost $ 3.3 billion, excluding gains from the sale of its business units abroad in Russia and Southeast Asia.