Uber files for IPO, just days after Lyft

Roman Schwartz
December 11, 2018

Ride hailing start-up Uber has filed confidential papers for one of the most widely-anticipated initial public offerings on the stock market, according to reports.

Uber, the largest ride-share company, could be worth as much as $120 billion in its IPO. Its listing next year would be the largest in what is expected to be a string of public debuts by highly valued Silicon Valley companies, including apartment-renting company Airbnb and workplace messaging firm Slack.

Uber CEO Dara Khosrowshahi in a FOX Business exclusive discusses the timeline for the company's IPO plans and how the ride-sharing sector will ultimately end auto ownership. Khosrowshahi took over more just than a year ago.

Uber has raised a whopping $18 billion from investors since 2010.

The New York Times, Uber and Lyft offer a veritable race to see which of the two companies first listed on the stock exchange come. It lost $1.1 billion in the three months ending in September and brought in revenue of $3 billion. She continues to assist in keeping the site responsive and well organized for the readers. In August, Uber hired Wall Street veteran Nelson Chai as chief financial officer in a move to prep it ahead of its public offering. But one of them, its self-driving vehicle unit, which was ultimately aiming to create technology to replace human drivers and hence help Uber become profitable, has killed people.

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Uber exited other countries because it had a smaller market share and was burning a lot of cash. Rival Lyft, which is valued at about $15bn, filed for a listing on Thursday.

Uber declined to comment on the Journal report.

Still, Uber operates in more than 70 countries, while Lyft is in the USA and Canada, although the smaller company is plotting a global expansion.

The extended battle between Uber and Lyft, which has forced both companies into rolling out identical services and to charge equivalent prices, is further protracted by the simultaneous filings. Lyft's valuation is likely to end up between $20 billion and $30 billion, one source added.

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