Uber claims it will be an Amazon-like success story post-IPO
Uber is pitching a clear message to investors ahead of its IPO – it is more like Amazon rather than ride hailing rival Lyft, as the listing is reportedly set to be oversubscribed.
Uber is reportedly pushing a narrative that a loss-making business is not a risk and points to Amazon’s success as precedent for investors.
It’s no surprise given that Lyft’s stock market debut has been disappointing with a $72 opening price now down to just over $57.
Uber is touring the nation with an optimistic pitch that it can become the next Amazon – as long as investors remain patient.
From an $18 IPO price a decade ago, Amazon’s stock price has ballooned to nearly $2,000, even though it had been losing money for most of its existence.
However, Amazon has been a one-off and its similarities with Uber are rather tenuous.
Uber’s pathway to profitability will likely take just as long, and like Amazon, aims to continue diversifying beyond its core ride hailing service to become a transportation powerhouse, from food delivery to autonomous flying taxis.
Despite an internal restructuring to rid itself of past scandals, Uber is actually in a worse shape than the pre-IPO Amazon. In its IPO filing, Uber showed an operating loss of $3 billion in 2018.
However Bloomberg reports Uber has already gained a commitment for all the shares on offer in the IPO.
It seems Uber has no shortage of willing takers with a long-term outlook.
It is hoping to raise up to $9 billion in next week’s listing.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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