Uber’s Early Investors Poised to Reap $1.3 Billion in IPO Sale
(Bloomberg) -- Early investors and employees of Uber Technologies Inc. are planning to sell about $1.3 billion worth of stock in the ride-hailing firm’s initial public offering.
Benchmark is the biggest seller, offering 5.7 million of its shares, according to a regulatory filing Friday. That would fetch about $270 million at the middle of the listing’s current $44 to $50 price range. SoftBank Group Corp. is offering 5.5 million shares, while Uber co-founders Travis Kalanick and Garrett Camp expect to sell holdings worth $176 million and $147 million, respectively.
Saudi Arabia’s sovereign wealth fund and Alphabet Inc. haven’t offered any of their shares for sale.
The selling shareholders will still control about $36 billion worth of the San Francisco-based firm’s stock after the offering, according to calculations by Bloomberg.
Uber is planning to offer 180 million shares and is seeking to raise as much as $9 billion, the filing shows. That would give the firm a market value of as much as $84 billion.
Other Uber investors selling holdings include venture capital firms Lowercase Capital and First Round Capital, as well as private equity firm TPG. Early employee Oscar Salazar has a stake of about $250 million and is planning to sell about $10 million worth of shares.
Uber is expected to debut on the New York Stock Exchange May 10.
--With assistance from Eric Newcomer.
To contact the reporter on this story: Tom Metcalf in London at tmetcalf7@bloomberg.net
To contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Steven Crabill
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