Uber targets $91bn valuation for debut

Imagen de las pegatinas de los servicios de transporte Lyft y Uber en el parabrisas de un vehículo en Los Ángeles el 12 de enero de 2016

Ride-hailing giant Uber seems to be underpromising in hopes of overdelivering when it goes public as early as next month. PayPal intends to invest $500 million in the company in a private placement at the IPO price.

Uber's ride-hailing rival has a market value of $16.1 billion as of April 25, much closer to its last private funding round at $15.1 billion.

Even so, Uber is on track for one of the largest IPOs in history.

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The updated public filing comes as Uber gears up to begin its investor roadshow, in which management will spend the next 10 days pitching Uber to public markets investors.

Uber will unveil on Friday an IPO price range of between $44 and $50 per share, based on which it would raise between $8 billion and $9 billion, the sources said.

The figures are likely to be revised as Uber gets feedback from potential investors in the coming weeks. PayPal said, its payment platform makes up the "vast majority of all credit card and other payments" made in the USA and Australia with Uber. Its revenue totaled $11.3 billion in 2018, which was a 42% increase from $7.9 billion in 2017, and far above its $495 million in revenue in 2014. The company also recently launched Uber Freight, which creates an on-demand marketplace for shippers and carriers.

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That rapid growth continued in the first quarter. On a preliminary basis, revenue rose to a range of $3 billion to $3.1 billion during the three months that ended March 31, compared with $2.6 billion a year ago.

The company seeks to raise about $10 billion in its IPO. The final details of the price range may still change, the people said.

Like Lyft, Uber will go public as an unprofitable company. After a blockbuster IPO, Lyft's stock has weakened significantly - shares were down almost 22 percent from their IPO price on Friday.

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But analysts stress that competition is stiff in the ride-sharing sector.

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