The biggest IPO of the year is on its way.
Uber’s initial public offering, expected to value the company at about $100 billion, could be among the largest in history, and will likely compete with Alibaba for the biggest tech IPO ever. Uber’s debut also would dwarf Facebook’s as the No. 1 IPO by an American tech company. The social networking company raised $16 billion at an $81 billion valuation in 2012.
Uber reported net income of $997 million but an adjusted EBITDA loss of $1.85 billion last year on revenue of $11.3 billion, according to its S-1 filing with the Securities and Exchange Commission that was made public Thursday. It will become the third of the high-profile, Bay Area-based, money-losing unicorns — startups worth $1 billion or more — to go public this year. A couple of other local, less well-known tech companies have also filed (Zoom) to go public, or have gone public (PagerDuty) in recent days.
Uber’s main rival and fellow San Francisco ride-hailing company, Lyft, made its debut on the Nasdaq Stock Market at the end of March and has had a bumpy ride since. Thursday, Lyft shares closed at $61.01, down 15 percent from their IPO price of $72. Meanwhile, digital-scrapbook startup Pinterest filed for its IPO Monday, seeking to raise as much as $1.28 billion in a public offering that could value it at about $9 billion, which is below its previous valuation.
Uber’s last known valuation was $76 billion, and some reports had said it was aiming for a valuation of $120 billion when it goes public. But Lyft’s stock market performance so far, amid questions about whether it can become profitable, appears to have tempered Uber’s hopes for its IPO.