Uber on Track for IPO by 2019

Uber Technologies Inc. CEO Dara Khosrowshahi told CNBC on Wednesday that the company is on track to go public in 2019.

"We're in a good position in terms of the company's profile, in terms of profitability and margins continue to get better," Khosrowshahi told CNBC's Carl Quintanilla at the Code Conference in Rancho Palos Verdes, California.

"I do think that we're on track in 2019 for an IPO," he added. "Lots of things can happen in the world but we have a reasonable buffer as well, so I think we're in a pretty good spot."

Khosrowshahi, who became CEO after Travis Kalanick was ousted by investors, aimed back in August last year to take the ride sharing company public by as soon as 18 months, which would be as early as March 2019.

But he later specified on CNBC that he looking to take the company public by the second half of 2019. A source familiar with the matter told CNBC that Uber is targeting to go public by late 2019, but the company has not started interviewing banks yet.

Uber also reported its first quarter financial results last week and showed better-than-expected progress. Uber announced net revenue of $2.5 billion, gaining 67 percent year over year on gross sales of $11.3 billion, increasing 55 percent year over year. Adjusted EBITDA loss was cut down by 49 percent year over year to $304 million, down from $597 million a year ago. Adjusted net loss was $577 million for the quarter.

TechCrunch also confirmed that Uber is raising another secondary round of funding of up to $600 million, boosting Uber’s valuation to $62 billion. The $62 billion valuation mark is higher than its valuation last year of $49 billion after settling a deal with Softbank.

Although Uber is getting back on track and restoring investor relations, Khosrowshahi is first planning to rebuild the brand and improve the product before the company goes public.

“Whether it’s taking a car, whether it’s taking a pooled car, whether it’s taking a bike, whether you should walk or even now we want to build out the capability for you to take a bus or subway,” Khosrowshahi told CNBC. “We want to be the A-to-B platform for transportation.”

Khosrowshahi also plans to build out his management team, which includes hiring a chief financial officer after not having one since 2015.

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