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The rivalry between carpool applications, Uber and Lyft, was intensifying on Wednesday, while Uber was ready to release documents for an initial public offering of up to $ 100 billion in savings and that Lyft's newly listed shares fell below their offering. price.
After a fall of nearly 11% on Wednesday, Lyft shares closed at $ 60.12, a decline of more than 16% from the price of $ 72 from its IPO on March 28, giving the company a market capitalization of $ 16.4 billion.
Uber is expected to release its IPO prospectus on Thursday, giving investors an opportunity to take a closer look at both companies. Uber aims to raise $ 10 billion with its listing.
The company has given a hint on its expectations regarding the IPO in the information provided to the holders of its convertible debt, he revealed Wednesday. He told them that he could award his shares a price ranging from 48 to 55 dollars each, according to people familiar with the situation. That would give it a valuation of between $ 90 billion and $ 100 billion, people said.
The range may tighten or change depending on market conditions and investor demand as the ranking approaches. An official price range will be set later this month, before a start on the New York Stock Exchange scheduled for May 10, told the Financial Times people familiar with this plan.
The disappointing performance of Lyft's shares has created a climate of caution over the long-awaited IPOs of technological "unicorns", which have been able to attract enough private capital to avoid exploiting public markets for years. Lyft garnered keen interest in the short term a few days after its IPO, with investors betting that its shares would fall.
Concerned about how companies can temper their expectations, Pinterest, the image sharing platform, has set a price range of $ 15 to $ 17 for the 75 million shares it plans to sell next week, creating thus a potential "downward" with a valuation. below his last fundraiser on the private market.
The $ 100 billion price that Uber has offered to its convertible debt holders is also below certain expectations. The company was valued at $ 76 billion during its last private fundraiser.
The documents relating to the IPO that Uber will release Thursday will provide investors with ample information about its financial performance, competitive position, earnings and loss of money, as well as related information. its long history of legal and regulatory battles.
Uber has been publishing financial results for investors for several years. Net revenues increased 43% to $ 11.3 billion on gross bookings of $ 50 billion last year. Losses, excluding the paper gain from the sale of businesses in Russia and Southeast Asia, decreased from $ 4.5 billion to $ 3.3 billion in 2017.
Uber's business extends from car reservation and food delivery across continents to freight bookings and experimental taxis, and it invests heavily in research on autonomous driving technologies.
Some details of Uber's IPO have been reported for the first time by Reuters and The Wall Street Journal. Uber and its main underwriters, Morgan Stanley and Goldman Sachs, declined to comment.
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