- Uber has already found sufficient demand for its initial public offering, Bloomberg reported on Tuesday.
- Company executives and bankers underwriting the IPO were on the third day of their road show on Tuesday.
- Uber is meeting with investors in New York before heading to the Midwest and San Francisco.
- Visit Business Insider’s homepage for more stories.
Just three days into its IPO road show, Uber has already garnered enough demand to sell its full 180 million shares, Bloomberg reported on Tuesday, citing anonymous sources familiar with the matter.
The ride-hailing giant is expected to net a valuation of up to $US90 billion when it prices next week on May 9, the company said in updated regulatory filings. That number is down from figures as high as $US120 billion that were reported in recent months.
Business Insider reported earlier this week that executives and bankers underwriting the offering are heading back to the US for more meetings with investors in New York, as well as in San Francisco and the Midwest.
Uber’s biggest competitor, Lyft, which began trading at the end of March, also saw itself with an oversubscribed IPO book. In the roughly one month since its shares began trading, Lyft’s market value has fallen about 22% despite pricing above its originally planned window.
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More on Uber’s record-setting IPO:
- Amazon may soon disrupt the shipping industry. Its new trial trucking platform is reportedly undercutting prices by up to a third.
- Uber has kicked off its IPO road show. Here’s where the ride-hailing giant’s executives and bankers are heading to court investors.
- Uber is paying drivers up to $US40,000 each to celebrate its IPO
- PayPal is investing $US500 million into Uber as part of the ride-hailing firm’s $US90 billion IPO
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