Wed, 21 Aug 2019

This is how Uber IPO will make directors uber-rich

News24
12 Apr 2019, 23:43 GMT+10

The year's biggest initial public offering is making three of its directors uber-rich.

Uber Technologies co-founders Travis Kalanick and Garrett Camp as well as early employee Ryan Graves will own 10-figure stakes in the San Francisco-based ride-hailing company if it secures its expected valuation of roughly $100 billion, according to Bloomberg's analysis of a regulatory filing Thursday.

The firm is said to be seeking to raise about $10 billion, making the IPO one of the biggest in the history of Silicon Valley.

Kalanick, 42, and Camp, 40, already rank among the world's 500 richest people and previously sold some of their stakes, with the ex-CEO unloading about $1.4 billion of stock early last year to a group of new investors led by SoftBank Group.

A valuation of $100 billion would boost their fortunes even more, giving Kalanick a stake worth about $7 billion, Camp $6 billion and Graves $2.4 billion, according to Bloomberg's calculations.

Road Show

That still pales into comparison to the largest shareholder, SoftBank, which spearheaded the largest-ever equity transaction in a VC-backed startup with a roughly $9 billion deal with Uber and its investors. SoftBank's stake would be worth $16 billion at the $100 billion valuation.

Uber will kick off a road show to market shares to potential investors this month and begin trading publicly in May, according to people familiar with the matter.

The offering is expected to be among the 10 largest of all time.

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