LONDON - Uber Technologies Inc Chief Executive Dara Khosrowshahi sought to persuade money managers in London that the loss-making ride hailing firm’s growth plans justified a valuation of up to $91.5 billion in an initial public offering .
Uber is trying to show investors that it can shift from being simply a ride-hailing service to a technology platform for services ranging from delivering groceries and take-away meals to organizing freight transportation. It also disclosed that it made a loss of around $1 billion on sales of roughly $3 billion in the first quarter of 2019.
A source working on the roadshow said the presentation - the only one for investors outside of the U.S. - lasted only around 10 minutes, with another 50 spent on questions and answers. In London, the transport authority refused to renew Uber’s license in September 2017 citing safety concerns, though it was granted a 15-month probationary operating license last June, telling a court it had improved its procedures.
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