Ahead of an initial public offering scheduled to be kicked off as early as in early May, ride hailing giant, Uber Technology Inc., had decided to sell a lump-sum of $10 billion worth of stocks at its public appearance debut, at least two people familiar with the subject matter had unveiled on Tuesday, the 9th of April 2019.
Since Uber had been seeking a valuation between $90 to $100 billion, followed by a modest performance of its smaller rival Lyft Inc following its initial public offering later last month, an IPO of such havoc size would make Uber Technologies Inc.
one of the biggest IPOs of all time. Although, Uber had yet to post an operational profit, investors, traders and fund managers had been expecting its IPO to be the biggest, widely beating Alibaba Group Holding Ltd.’s public appearance valuation in 2014, the largest so far.
Optimisms had been buzzing around the winds ahead of the most-closely watched Silicon-Valley giant’s IPO, as multiple investment bankers had been quoted saying last week that Uber IPO could raise as much as $120 billion, given the prospects of ride-hailing services over the upcoming years.
As a matter of fact, Uber Technologies Inc. had recently valued at $76 billion over a private fundraising venture.