Uber Technologies plans to sell $10 billion in stocks during its IPO, Reuters has reported today making reference to several sources familiar with the situation.
If the company achieves its goal, the IPO of the ride-hailing service could become one of the biggest technology IPOs of all time and the largest since Alibaba Group's in 2014.
According to sources, Uber intends to register its IPO with the U.S. Securities and Exchange Commission (SEC) tomorrow, April 11. The company will begin its investor roadshow on April 29.
The company is expected to begin trading on the New York Stock Exchange in May, and expects to reach a valuation of between $90 billion and $100 billion.
The company lost around $3.3 billion dollars in 2018, however, experts believe Uber is currently worth about $120 billion.
Lyft, Uber's main rival, went public in March. It sold 19 million shares during the first 15 minutes of trading, which made the price of its stocks jump by 20%. Lyft's market cap after its IPO reached $25 billion. However, its stocks fell by around 12% during the second trading day.
Lyft's market cap was $19.3 billion after yesterday's trading session.
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