The most anticipated IPO could be coming soon as Uber Technologies Inc. newly elected CEO, Dara Khosrowshahi, said that he will begin and aim for the company to go public as soon as within the next 18 months, although it isn’t firm a timeline, according to Wall Street Journal.
Uber, valued at $68 billion, would make this one of the most valued companies to go public.
Dara Khosrowshahi, former Expedia CEO since 2005, left Expedia to take on the position of Uber’s new CEO after months of searching. He is stepping in after former CEO Travis Kalanick resigned due to pressure from investors.
In a meeting, Khosrowshahi said that the company could go public within the next 18 to 36 months, but he still isn’t certain on an exact date yet.
“This company has to change,” said Mr. Khosrowshahi, according to Uber. “What got us here is not what’s going to get us to the next level.”
During the span until Uber may go public, Khosrowshahi is tasked with reshaping Uber and its negative public relation. The ride sharing service has gone through many downs especially when Kalanick was still holding his position as CEO. Uber faced many lawsuits and scandals that heavily impacted the company and its users. Due to all the negative impacts, Uber reported approximately a total of $3 billion in losses last year.
“If culture is pushed top down, then people don’t believe in it,” Mr. Khosrowshahi said, according to Uber. “Culture is written bottoms up.”
Khosrowshahi also told employees he wants to bring in a chairman “to be my partner at the board level.” Uber’s current chairman is Garrett Camp, who is expected to be replaced, according to the Journal.
The board and many other investors believe that Khosrowshahi taking the CEO position is the new beginning for Uber and that he can completely reshape the company.