Uber IPO Is Oversubscribed by Day Two of Roadshow

Uber Technologies Inc. has demand for all of the shares offered in its initial public offering days after it began marketing the sale, people familiar with the matter said.

The initial investor feedback comes after Uber kicked off its IPO roadshow with meetings in London on Monday, the people said, asking not to be identified because the discussions were private. Uber met potential buyers in New York Tuesday and will head to cities including Boston and San Francisco as it seeks to raise as much as $9 billion in its IPO next week in what will be the biggest listing of the year so far.

Demand for the share sale is currently focused on the lower end of Uber’s targeted share price range, though that could still shift as talks with investors continue, the people said. That would put the amount that would be raised in the IPO closer to $7.9 billion.

A spokesman for the San Francisco-based company declined to comment. A representative for Morgan Stanley, which is serving as left lead for the IPO, also declined to comment.

The world’s biggest ride-hailing company is offering 180 million shares at $44 to $50 apiece, according to a regulatory filing last week. At the top of the range, the listing would value Uber at almost $84 billion, based on the number of shares outstanding after the offering as detailed in the filing.

On a fully diluted basis, including the addition of stock options, restricted shares or other stakes not included in the outstanding total, the valuation could top $91.5 billion. That’s still down from initial estimates of about $120 billion from investment banks pitching for roles on the deal.

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