Uber Technologies readies IPO launch

Quick read

Uber Technologies is expected to launch marketing of its IPO Friday morning with salesforce teach-ins at the underwriting banks, sources told IFR.

The offering is all-primary and will be marketed within a range of US$44-$50 a share, targeting an US$8bn-$9bn raise and valuing the ride-hailing company at US$80bn-$90bn, the sources said.

PayPal plans to invest US$500m in a concurrent private placement at the IPO price, according to the sources.

Morgan Stanley, Goldman Sachs, Bank of America Merrill Lynch, Barclays, Citigroup and Allen & Company are joint bookrunners.

After salesforce teach-ins tomorrow, Uber management will head to London, before returning to the US to conduct marketing.

Uber’s IPO is expected to price after the market close on May 9.

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