Uber reveals heavy losses as it files to go public

Is The Lyft IPO A 'Panic Moment' For Venture Capitalists

Investment bankers previously told Uber it could be worth as much as $120 billion.

The share sale follows a public offering by rival ride-sharing service Lyft Inc last month, whose shares have dropped to about $61 from an IPO price of $72.

The company is expected to begin trading on the New York Stock Exchange under the ticker UBER as early as May.

Uber past year had revenue of $11.3 billion, while gross bookings from rides was $50 billion. Started in 2009 after its founders struggled to get a cab on a snowy night, Uber has changed the way millions of people travel and commute but continues to lose money.

The breakdown shows Uber has been generating the robust revenue growth that entices investors, but also racked up almost $8 billion in losses since its inception. The filing did not specify the size of Uber's IPO, but multiple reports suggested the company would seek a valuation of $100 billion or more.

In the end, Uber is widely expected to be the biggest technology IPO since Chinese e-commerce giant Alibaba Group went public in 2014.

More news: Japan extends N.Korea sanctions for 2 years

Uber officially filed for an initial public offering on Thursday.

During the IPO roadshow, Uber's chief executive, Dara Khosrowshahi, will be tasked with convincing investors that he has successfully changed the company's culture and business practices after a series of embarrassing scandals over the last two years.

"With Uber, investors will soon have a second option to make a bet on the future of mobility and transportation with the clear market share leader", Wedbush analysts said in client note.

Aside from its flagship ride-sharing app, the company operates a food delivery service called "UberEats", which earned $1.5 billion in revenue previous year, and a shipment fulfillment segment called "Uber Freight".

Uber said its market share fell in most regions previous year, although the rate of decline has slowed. Those have included sexual harassment allegations, a massive data breach that was concealed from regulators, use of illicit software to evade authorities and allegations of bribery overseas. On Tuesday, Lyft's shares closed at $67.44.

Uber is reserving some shares in the IPO for drivers who have completed 2,500 trips among other criteria.

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