In IPO, Uber reveals 91 million users but slowing growth

Uber is seeking a valuation of between $90-$100bn. — Reuters  File

Barely two weeks into its life as a public company, Lyft Inc. shares have been sliding fast with bigger rival Uber Technologies Inc. breathing down its neck.

The ride-sharing company changed the US transportation landscape after it was founded in 2009 but has faced many controversies, including a lawsuit related to alleged sexual assaults committed by fake Uber drivers and a late March strike by Los Angeles drivers angered by low pay.

After much anticipation, Uber has filed to go public.

Lyft's stock closed down nearly 11 per cent on Wednesday and - even with a slight recovery Thursday - still trades below the low-end of an earlier IPO pricing range. Lyft's stock now is hovering around $61, down from its IPO price of $72.

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The San Francisco-based company reported $11.3 billion in revenue previous year, a sharp increase from the $7.9 billion in revenue in 2017. The company hasn't yet disclosed the number of shares it will offer or its intended price range. But its 2018 operating loss was just over $3 billion, down from the $4 billion net loss it incurred in 2017.

Uber said its market share fell in most regions previous year, although the rate of decline has slowed.

Uber revealed in the filing it could have to pay a license fee to Waymo or face a substantial delay to the development of its self-driving technology if the initial assessment of its technology by an independent expert is confirmed. If Uber goes public with a $100 billion valuation, as it is widely expected to do, Kalanick's shares would be worth roughly $9 billion. Uber declined to comment for the report which cited unnamed people familiar with the matter. The company's shares are set to begin trading next month on the New York Stock Exchange under the symbol UBER.

Taking a page from Lyft's book, Uber also said it would use the IPO proceeds to dole out cash "appreciation" awards to its drivers.

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"I'm sure that the Lyft debut is going to affect both Uber and Pinterest", Hamilton added. Former CEO Travis Kalanick owns 8.6 percent, while Benchmark Capital Partners holds an 11 percent stake.

More than 60,000 drivers have filed or told Uber that they intend to file arbitration cases against the company, claiming that they were misclassified as independent contractors, the company said.

The pressure to become profitable will ratchet up once these companies become public, said Jordan Stuart, a portfolio manager for Federated Kaufmann funds who often purchases companies' stock in the IPO.

Uber said in its filing its ridehailing position in the United States and Canada was "significantly impacted by adverse publicity events" and that its position in many markets has been threatened by discounts from other ride-hailing companies. Uber now hocks shared bikes and meal delivery as well.

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