The lower end of the price range would value Uber just above its last private funding round, in which Toyota Motor Corp. invested at a valuation of about $76 billion.
Uber could later raise its IPO price range based on investor demand. Previously, it was reported that Uber’s valuation would be around $120 billion. Even if Uber seeks the low end of the expected range, it would be more than three times the amount of Lyft’s $2.34 billion intial public offering. It would also make Uber’s IPO the largest one in the U.S. since Alibaba’s in 2014.
PayPal Inc. has agreed to buy $500 million of Uber’s common stock in a private placement at Uber’s IPO price.
Uber plans to list its shares on the New York Stock Exchange under the symbol “UBER.” The company plans to use the net proceeds for general corporate purposes, including working capital, operating expenses, and capital expenditures.
For the three months ended March 31, 2019, Uber expects revenue to be between $3.0 billion and $3.1 billion compared to $2.6 billion reported last year. The company expects quarterly net loss between $1.0 billion and $1.1 billion, compared to net income of $3.7 billion in the prior year.