According to Bloomberg, Uber is seeking to start selling their market shares in the $44-50 price range. It is estimated that they will raise approximately $10 billion this way. The online payment platform, PayPal, is set to buy $500 million of those shares. Apart from PayPal, Uber also has other big name stakeholders, such as Alphabet, Japan-based Softbank, and the Public Investment Fund of Saudi Arabia, to name a few more. Travis Kalanick, the founder of Uber, has a sizable stake as well.
Uber’s Initial Public Offering (IPO) will be the biggest one in US history since the Alibaba Group raised $25 billion way back in 2014. Even though Uber’s drivers made more than $1.5 billion passenger rides in the first quarter of 2019, Uber still reported a $1 billion net loss. With increasing competition from rival company Lyft, this could be just the much-needed injection of funds Uber requires.
No stranger to criticism or controversy, with allegations of sexism, low pay for their drivers, as well as fierce blowback from the taxi industry, Uber has still managed to persevere and expand for more than ten years and is a passenger transportation standard that employs more than 20.000 employees worldwide.
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