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Uber files for IPO as it kicks off race to float with rival Lyft

According to a report from The Wall Street Journal, the company filed the papers last week, with Uber potentially listing on Wall Street “as soon as the first quarter”
Uber sign
Uber could potentially reach a market cap valuation of US$120bn

Ride-hailing app Uber has reportedly filed a confidential draft document for its initial public offering (IPO), kick-starting a race to list with rival firm Lyft, which filed similar papers a day before.

According to a report from The Wall Street Journal, the company filed the papers last week, with Uber potentially listing on Wall Street “as soon as the first quarter”.

READ: Uber reportedly in talks to acquire electric scooter startups Bird and Lime

The two floats could raise billions for both firms, with a Reuters report in October saying that valuations at various US banks had pegged Uber with a potential market cap of around US$120bn.

In a bid to perhaps increase its potential value ahead of the float, a report from the FT last week said Uber was in talks to possibly acquire electric scooter startups Bird and Line, two ‘unicorn’ start-ups valued at over US$1bn, in multi-billion dollar deals to alleviate constraints on its scooter supply following the launch of its own scooter sharing service Jump in October.

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Article
April 12 2019

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