Friday, 10 May 2019 11:43

Uber completes debut as public company, raises US$8.1 billion Featured

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Uber has made its debut as a public company, raising US8.1 billion (A$11.5 billion) with the completion of its initial public offering and listing on the New York Stock Exchange.

The global ride-sharing company priced its IPO at US$45 (A64.42) a share – lower than the market had earlier anticipated.

But, despite this, Uber's debut on the NYSE completed one of the biggest technology industry listings in the US market.

The listing at that price values Uber at US$82.4 billion, although the markets had earlier estimated a value of up to US$120 billion.

Media reports put Uber, since it started operating in 2009, completing more than 10 billion rides, with its business now operating in more than 60 countries, including Australia.

As reported by iTWire last week, Uber says it has achieved strong growth in the Australian market in six years of operation, with nearly 4.3 million people aged 14+ now travelling in an average three months.

In last week’s report, research firm Roy Morgan Research said research it conducted in the year to December 2018, showed that Uber has established itself as Australia’s leading ride-share app, with the 4.3 million users — or 20% of the population — up from just over two million (10.2%) in 2016.

And, according to the research, Uber’s growth in the Australian market over the last two years was most notable in South Australia and NSW, rising by 12.2% points and 11.3% points respectively.

An Australian online trader of shares for the US market, HelloStake, said prior to the Uber IPO, “when it comes to IPOs, it doesn't get bigger than this”.

“For the last five years, millions of Australian's have made Uber part of their lives. Ultimately more Australian's have a connection to Uber than any locally listed stock on the ASX.”

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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