Friday, April 26, 2019

Uber Lowers IPO Price Range

From Yahoo Finance:
Uber sets IPO pricing to maximum of $50 per share ahead of roadshow
Uber is planning to price its initial public offering at a maximum of $50 per share, the ride sharing giant said on Friday, recalibrating Wall Street’s expectations after rival Lyft’s disappointing market debut.

In an amended regulatory filing with the Securities and Exchange Commission, Uber set the range of its offering of between $44 and $50 per share, below a previously reported range of $48-$55 per share.

The company also disclosed a $500 million investment from PayPal (PYPL), which will purchase Uber stock in a private placement at a price equal to the IPO pricing.

“Based on an assumed initial public offering price of $47.00 per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, PayPal would purchase 10,638,298 shares,” Uber said in the filing.

In an updated picture of its financial health, Uber revealed that it lost an estimated $1 billion in the first quarter—a deficit that more than doubled compared to the comparable year-ago period.
The new filing arrives just as Uber kicks off a roadshow with investors. The fact that Uber is still bleeding money will do little to assuage the market’s widening doubts about ride sharing companies’ ability to turn a profit in the immediate term....MORE
Here's  Edgar, latest filing (S-1A) on top: