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Sun 28 Apr 2019 05:00 PM

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Saudi Arabia's sovereign wealth fund yet to cash in on Uber's IPO

Saudi Arabia's sovereign wealth fund and Google parent company Alphabet haven't offered any of their shares for sale

Saudi Arabia's sovereign wealth fund yet to cash in on Uber's IPO
SoftBank Group is offering 5.5 million shares, while Uber co-founders Travis Kalanick and Garrett Camp expect to sell holdings worth $176 million and $147 million, respectively.

Early investors and employees of Uber Technologies are planning to sell about $1.3 billion worth of stock in the ride-hailing firm’s initial public offering.

Benchmark is the biggest seller, offering 5.7 million of its shares, according to a regulatory filing Friday. That would fetch about $270 million at the middle of the listing’s current $44 to $50 price range.

SoftBank Group  is offering 5.5 million shares, while Uber co-founders Travis Kalanick and Garrett Camp expect to sell holdings worth $176 million and $147 million, respectively.

Saudi Arabia’s sovereign wealth fund and Google parent company Alphabet haven’t offered any of their shares for sale.

The selling shareholders will still control about $36 billion worth of the San Francisco-based firm’s stock after the offering, according to calculations by Bloomberg.

Uber is planning to offer 180 million shares and is seeking to raise as much as $9 billion, the filing shows. That would give the firm a market value of as much as $84 billion.

Other Uber investors selling holdings include venture capital firms Lowercase Capital and First Round Capital, as well as private equity firm TPG. Early employee Oscar Salazar has a stake of about $250 million and is planning to sell about $10 million worth of shares.

Uber is expected to debut on the New York Stock Exchange May 10.