Markets were completely focused on the IPO price of Uber which printed at $45 per share, the company will be valued on the non-diluted basis at about $75.46 billion, which will be the market cap of the firm as high as established companies in the US. Some of the early reports were far more ambitious with the $120 billion target by some analysts. The company is offering 180 million shares of its common stock, which meant that it could raise around $8.1 billion on Friday. In 2018, the revenue numbers at Uber were strong, reaching $11.3 billion for the year, up 43% from 2017.
But when factoring in losses the company has never turned a profit. To cover the losses, and fund a robust and accelerated expansion, the company raised more then $24 billion from a wider range of investors,. According to Crunchbase, these funds were raised from investors since its founding 10 years ago. The ride-hailing pioneer and a favorite of Silicon Valley, Uber has changed the way many people call and secure transportation, and it will never be the same.
The CEO Dara Khosrowshahi replaced co-founder Travis Kalanick in 2017 after several mini-scandals rocked the company. There were allegations of sexism within the firm and lawsuits were filed. Now Uber is in over 700 cities around the world. It is now looking at other forms of transportation such as scooter rentals and food delivery and freight.