Uber to go public, dumping a 300-page prospectus

Uber has referred to a growing number of competition laws across the EU the US Brazil and India as an area of concern

Lyft, Uber's direct competitor, went public last month, and since, its stock has dropped more than 20 per cent.

At the same time, Uber costs continue to grow, with a figure of $ 14.3 billion previous year, which is 19% more than in 2017.

"Of the 91mln monthly actives on [Uber's] platform, over 15mln received a meal using Uber Eats in the quarter ended 31 December 2018, using its network of 220,000+ restaurants in over 500 cities around the world", read a note to clients. This increased 33.8 percent from 2017, but growth dropped from 51 percent a year earlier.

Last year, a self-driving Uber vehicle ran over a pedestrian in Tempe, Arizona - the first time a person had been killed by autonomous vehicle. Although its user base includes customers of other services and ride-sharing, the number is almost five times the 18.6 million announced by rival Lyft Inc.

Uber's revenue grew 42 percent previous year to $11.2 billion but it continued to lose money from its operations.

The company is seeking a valuation of between $90 billion and $100 billion, as was previously reported Reuters.

Investment bankers had earlier told Uber it could be worth about $120 billion.

In its initial public offering filing on Thursday, Uber revealed that Japan's SoftBank Group Corp. -controlled SoftBank Vision Fund was its largest shareholder with a 16 percent stake.

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Uber will follow Lyft in going public. That will come before executives head out on a so-called road show created to drum up interest in the IPO among institutional investors who will be given the first opportunity to buy the stock before it begins trading on the New York Stock Exchange next month.

Uber highlighted Seattle's landmark law that allows drivers to unionize as an example of legislation that could force the company to "modify our business model in those jurisdictions as a result".

Ride-hailing company reported a $3 billion operating loss in 2018, and estimated that operating expenses to surge significantly, so in the near future the company may not achieve profitability. The crash was a huge setback for Uber and the entire industry, and has led to growing skepticism about the predictions about self-driving cars.

While Uber has often said that India is a high-growth market, the prospectus also pointed out that the country is among the few where average revenue per bookings is low, apart from facing stiff competition and regulation.

Queries are appearing into the use of duplicitous software of Uber to fool authorities regulators.

The blowback from the problems helped Lyft pick up ground in the USA - something Uber acknowledged in its filing - and led to the ouster of Uber co-founder Travis Kalanick as CEO in 2017. The company disclosed in its S-1 filing that it now has 30 million cars on its platform in India, of a total 850 million across the world.

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

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