There are more details coming in with regards to arguably the most anticipated IPO for quite some time. Uber has now announced pricing for its shares, putting them at $45 a piece on its stock market debut. In the process, the company will raise $8.1Bn from the market, with none of the proceeds going to the company. The company is issuing 180,000,000 shares of its common stock.
The company will make its stock market debut today (May 10th, US time) on the NYSE. It will trade under the symbol ‘UBER’. In terms of finer listing details, almost all major investment banking firms are a part of the IPO.
Morgan Stanley, Goldman Sachs & Co. LLC, and BofA Merrill Lynch are acting as lead book-running managers for the offering. Barclays, Citigroup, and Allen & Company LLC are acting as book-running managers. RBC Capital Markets, SunTrust Robinson Humphrey, Deutsche Bank Securities, and HSBC are acting as joint book-running managers. SMBC, Mizuho Securities, Needham & Company, Loop Capital Markets, Siebert Cisneros Shank & Co., LLC, Academy Securities, BTIG, Canaccord Genuity, CastleOak Securities, L.P., Cowen, Evercore ISI, JMP Securities, Macquarie Capital, Mischler Financial Group, Inc., Oppenheimer & Co., Raymond James, William Blair, The Williams Capital Group, L.P., and TPG Capital BD, LLC are acting as co-managers for the offering.
Uber’s IPO filing reports 2018 revenues of $11.27 billion, net income of $997 million and adjusted EBITDA losses of $1.85 billion. In terms of other numbers, most of them were revealed by the company in its latest financials disclosed in February this year.
On an adjusted, pro-forma basis, the company had reported a net loss of $768 Million, an improved performance compared to the previous quarter. Uber had reported a pro-forma net loss of $939 million in the preceding, third quarter of 2018. Uber’s adjusted EBIDTA losses stood at $842 million, which represents a 88 percent increase Y-o-Y and a 60 percent increase Q-o-Q. In the preceding quarter, Uber’s adjusted EBIDTA losses came in at $527 million.
Revenues continued to grow though, with the company touching $3 Billion in the final quarter of 2018. This accounts to a 2 percent increase when compared with previous quarter. The gains, though slender, are crucial considering that the company is looking to go for an IPO this year. Gross bookings also went up by 11 percent to $14.2 Billion. This is the amount that the company gets upfront, before paying up the drivers. Revenues totaled $11.27Bn in 2018 as per the filings.
Year over year, Uber’s gross bookings increased 37 percent and revenue increased 24 percent.
On an year over year basis, gross bookings increased by as much as 45 percent to touch $50 Billion in 2018. The impact showed in GAAP revenue, which increased by 43 percent, from 2017 to $11.3 billion. Losses did decline by close to $400 Million in adjusted EBITDA. They were $2.2 Billion in 2017 and stand at $1.8 Billion in 2018. Again, slim improvement, but signs are overall good considering the crucial IPO year.
Firoz joins The Tech Portal to report on all stuff that relates to developers and their community. He is actively involved in multiple startups, helping them build and develop modern web products.