Uber IPO: Company makes secret filing

Earlier this year, we reported that Uber could launch an Initial Public Offering (IPO) in 2019. According to a media report, the ride-hailing company has now submitted the requisite paperwork for an IPO with the authorities.

It has been reported that the filing comes on the same day as that of rival Lyft, which is also looking at an IPO. Both companies offer similar services with competitive fares and want to debut on the Wall Street before the other.

According to estimates, it is reported that Uber is valued at US$ 76 billion and could be worth US$ 120 billion in an IPO, which could make it one of the largest technology companies’ to go public.

Uber has raised around US$ 18 billion since 2010 with Japanese SoftBank holding a 15% stake in the company. Softbank’s investment comes with an IPO deadline date of September 30, 2019. While underwriting banks are not formally named, it is reported that Morgan Stanley and Goldman Sachs would be in the lead roles.

Source: Reuters