Uber releases IPO prospectus


Uber could finally start going public on Thursday-and the company hopes to achieve one of the biggest tech IPOs in history. Multiple advanced degrees might be needed to figure the company out.

The filing with the US Securities and Exchange Commission (SEC) contained no specific pricing or timing for the market debut for Uber, which media reports said was expected to raise about US$10 billion.

Here are some of the key numbers in the 285-page document.

This is up 33.8 percent from 2017, but growth slowed from 51 percent a year earlier.

- Ryan Graves, Uber's CEO in 2010, owns 2.4% . But Lyft, which is also deeply unprofitable, fell below its offering price in its second day of trading as investors questioned whether it could make money.

For the Uber optimists, there was plenty to like.

Uber's revenue grew 42 percent a year ago to US$11.2 billion, but it continued to lose money from its operations. This is not a hypergrowth company anymore, at least not in its biggest business of rides on-demand. Only $165 million in net revenue came from Uber Eats.

Uber, however, hasn't disclosed the valuation it is seeking from the public investors. Uber had been faulted for a culture of workplace sexual harassment, programmes to evade regulators and a viral video of Kalanick lambasting a driver as the company faced mounting pressure of treatment of its contract workforce. But it also reported an adjusted loss of $1.85 billion.

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The overall message: Uber is complex.

Stateside, the aforementioned Los Angeles strike had participants who drive for both Lyft and Uber. Uber now hocks shared bikes and meal delivery as well. That profit was driven primarily by the sales of assets in Southeast Asia and Russian Federation, as well as an increase in the estimated value of its stock in China's largest ride-hailing company, Didi Chuxing. It has spent more than $1 billion developing a driverless vehicle operation.

FILE PHOTO: A photo illustration shows the Uber app on a mobile telephone, as it is held up for a posed photograph, in London, Britain November 10, 2017. It shortened its name to Uber in 2010, distancing itself from the taxicab industry, which has criticized the company for operating under less regulation than the traditional taxi industry.

The San Francisco-based firm's stock will trade on the New York Stock Exchange within weeks, and despite the lower-than-expected valuation, its valuation dwarfs that of rival Lyft, which was valued at $20bn when it posted its paperwork two weeks ago.

The idea is to show that Uber is not a collection of semi-related services like Tyco or other old industrial conglomerates, but a company whose many parts contribute to a greater whole.

Shared economy watchers have mostly had eyes for Uber these past 24 hours, as it filed a highly-anticipated prospectus for its U.S. IPO.

"We will not shy away from making short-term financial sacrifices where we see clear long-term benefits", wrote chief executive Dara Khosrowshahi in a letter that was included in the filing.