Uber, the ride-hailing company that launched in 2015, has raised more than $8 billion, according to a filing on Friday.
The company plans to issue a $2.5 billion initial public offer on the New York Stock Exchange, said Paul Mihalopoulos, Uber’s chief financial officer.
The offer will be based on the estimated net assets of the company, which will be valued at about $35 billion, he said in a statement.
The Uber board will vote on the offer and the offering’s closing conditions, including the terms and conditions for the offering, on May 19.
The offering will include about 4,600 common shares and 4,200 warrants for 2,500 common shares, Miharopoulos said.
The warrants will be exercisable at a price of $10.50 per share, which is lower than the IPO price of about $14.50 a share on Thursday.
The IPO is being closely watched by investors, who have been clamoring for an Uber-like ride-sharing service in the U.S. For more: http://bit.ly/1FpYZ9C Uber has raised $12.6 billion in equity from investors including Google Ventures, Microsoft Ventures, and Accel Partners, according a filing last month.
Uber also plans to use some of the proceeds from the IPO to pay back some of its debt.
The company said it would use the proceeds to repay $7.6 million in debt that was incurred in 2018.
The shares of Uber fell more than 7% in after-hours trading on Friday after the company reported its earnings.
The stock closed up 4.9% to $25.97.
Uber is one of the most well-known and successful companies in the ride service industry.
Uber launched in the United States in 2011 with a $1 billion valuation, and has since become one of Uber’s biggest growth companies.
Uber drivers have raised millions of dollars in their paychecks in recent years to pay for insurance, security and other expenses.
The ride-share service has faced challenges as well, including allegations of predatory pricing.
Uber has said that its prices are competitive with traditional taxis, but critics say they are more expensive.