Softbank Backs Uber's Plan to go Public in 2019

Published on: 26 Feb, 2018

Uber Technologies Inc. has had a shaky past year, but CEO Dara Khosrowshahi made it a mission to turnaround the company through internal restructuring and potentially an initial public offering (IPO).

CEO of Softbank Vision Fund, Rajeev Misra told CNBC on Monday that the company will back its biggest investor, Uber, for its plan for an IPO by early as 2019.

SoftBank Vision Fund is a $100 billion fund that is part of the wider SoftBank Group, which took a stake in Uber earlier this year, valuing the U.S. ride-hailing firm at $48 billion. The Japanese firm is now the largest stakeholder in Uber, according to CNBC.

Khosrowshahi initially wanted to take Uber public when he became CEO after Travis Kalanick had stepped down due to pressure from investors. He announced back in August last year that he would take Uber public within 18 to 36 months, but said he would have to reshape the company internally and improve public relations before moving forward.

Misra discussed in the interview with CNBC that Uber would continue to become a global company, although he suggested that Uber may sell its Southeast Asia business segment. Misra said that Uber would continue to grow and expand further from its food delivery and taxi services.

“I believe the future of Uber is not just transportation, but also food delivery, also insurance, car leasing, all kinds of ancillary businesses globally and that's what the platform has to do." Misra told CNBC.

Ratings

Ratings
  • 2096Views
  • 0Comments

Recommend to Friends

  • facebook
  • Twitter
  • google plus
  • pinterest
  • Digg
  • stumbleupon
  • Reddit
  • linkedin

Danny Abramov

Email: danny@financialinsiders.com

@Newsletter

Sign Up for Weekly Updates

Opt-into our eNewsletter NOW! For the Latest Trending Financial News Topics in Cannabis, Tech, Biotechs, Precious Metals, Energy, Renewable Energy and much more!

Related Posts

07 Jun, 2017 2766
10 Jul, 2017 2567
13 Jul, 2017 4188
17 Jul, 2017 2361

Comments

There is no comment on this article