Uber files for IPO

10 Décembre, 2018, 06:43 | Auteur: Auguste Feret
  • Uber files for IPO

On Thursday we learned Lyft filed papers for an initial public offering set to take place in 2019, and Friday evening some "people familiar with its plans" said the same to the Wall Street Journal about ride-hailing rival Uber.

Like Lyft, Uber this week submitted its IPO filing confidentially to the U.S. Securities and Exchange Commission, said the person, who asked not to be identified because the matter was private.

Uber CEO Dara Khosrowshahi previously told FOX Business the company was on course to go public in the latter half of 2019, but as the race between the two ride-hailing companies heats up, it's possible it may happen sooner than originally planned.

Uber chose Morgan Stanley and Goldman Sachs group in October with the banks telling the company it could be worth US$120 million on the public markets.

Uber came under fire more than a year ago after public scrutiny into the company's workplace culture that many said included sexual harassment and discrimination.

Uber's debut will be a test of investor tolerance for legal and workplace controversies, which embroiled Uber for most of previous year, and on Chief Executive Dara Khosrowshahi's progress in turning around the company. Uber itself does not want to comment on the message in the first place.

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For over two years now, Uber has been hoping to enter an IPO, and has been working in line for the same.

Its revenue for the quarter was US$2.95 billion, a 5 percent boost from the previous three months. Its IPO will be underwritten by JPMorgan Chase and Credit Suisse Jeffries.

First Round Capital, Lowercase Capital and others stand to earn big from Uber's exit - all were participants in some of the company's earliest venture capital rounds. Lyft, Uber's largest competitor in the USA, will likely take the plunge in the first quarter of 2019, too.

In a way Uber's IPO will taste investor's appetite for a company that at present is making considerable losses.

Nonetheless, today Uber is in a much better position than it was a year before.

The businesses include freight hauling, food delivery and electric bike and scooter rentals.

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