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Uber's early investors are poised to reap $1.3 billion in IPO sale

The selling shareholders will still control about $36 billion worth of the San Francisco-based firm's stock after the offering

Tom Metcalf | Bloomberg 

Representative Image
Representative Image

and employees of Inc. are planning to sell about $1.3 billion worth of stock in the ride-hailing firm’s initial public offering.

Benchmark is the biggest seller, offering 5.7 million of its shares, according to a regulatory filing Friday. That would fetch about $270 million at the middle of the listing’s current $44 to $50 price range. SoftBank Group Corp. is offering 5.5 million shares, while Uber co-founders Travis Kalanick and Garrett Camp expect to sell holdings worth $176 million and $147 million, respectively.

Saudi Arabia’s sovereign wealth fund and Alphabet Inc. haven’t offered any of their shares for sale.

The selling will still control about $36 billion worth of the San Francisco-based firm’s stock after the offering, according to calculations by Bloomberg.

Uber is planning to offer 180 million shares and is seeking to raise as much as $9 billion, the filing shows. That would give the firm a market value of as much as $84 billion.

Other Uber investors selling holdings include venture capital firms Lowercase Capital and First Round Capital, as well as private equity firm TPG. Early employee Oscar Salazar has a stake of about $250 million and is planning to sell about $10 million worth of shares.

Uber is expected to debut on the New York Stock Exchange May 10.

First Published: Sun, April 28 2019. 12:14 IST