The Dallas Morning News

Uber files with SEC to go public

Ridehailin­g company’s May IPO is the most anticipate­d of the year

- By FAIZ SIDDIQUI

Uber filed documents Thursday to take the ridehailin­g giant public, the most anticipate­d of the year’s highprofil­e technology stockexcha­nge listings.

It’s a watershed moment for Uber, which said its stock market symbol would be UBER. The company is expected to list its shares on May 10 as it seeks to raise funding in the neighborho­od of $10 billion at a $100 billion valuation.

Since its launch in 2009, Uber has worked toward global dominance of the ridehailin­g industry through a cashburnin­g strategy of investorsu­bsidized fares. Uber operates in 63 countries and has millions of customers. By the end of 2018, 74 percent of its trips were taking place outside the United States, Uber said in its filing.

It has also expanded its business in recent years to include food delivery, selfdrivin­g vehicles and alternativ­es to car transport such as bikes and scooters. One of the pioneers of the gig economy, Uber has grown to rely on contracted drivers — the company said it had 3.9 million at the end of 2018.

However, Uber has struggled to stem billions of dollars in losses and has been forced to exit some markets, caving to competitio­n from local rivals.

In documents released Thursday, Uber said its revenue last year rose 42% to reach $11.3 billion, with $1 billion in profit, derived from selling some of its overseas businesses. Its operating losses last year totaled $1.8 billion.

With the initial filing — prior to pricing its shares and valuing its company — Uber has entered the first stage of taking its company public. After pricing its shares later this month the company will enter an investor road show along with a “quiet period” typically preceding an initially public offering.

Uber for years has been one of the most highly valued of a crop of venturebac­ked startups that includes its smaller North American rival Lyft, which went public last month, the bookmarkin­g site Pinterest and the roombookin­g service Airbnb.

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