Uber races Lyft in filing for 2019 stock market debut

Uber races Lyft in filing for 2019 stock market debut

Ride-share company Uber quietly filed paperwork this week for its initial public offering, the Wall Street Journal reported late Friday.

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.

However, Uber's IPO brings a positive push that it may open up public debuts of highly valued companies like Slack and Airbnb.

Khosrowshahi took over just over than a year ago, and has repeatedly stated publicly he would take Uber public in 2019.


Uber has raised a whopping $18 billion from investors since 2010. Its revenue for the quarter was $2.95 billion, a 5 percent boost from the previous quarter.

Uber recently announced plans to resume on-road testing of its self-driving cars in Pittsburgh. Rival Lyft is said to be valued at $15 billion. A spokesman for Uber declined to comment. The companies are racing each other to go public in stock market in 2019 amid fear of economic recession. But Mr. Khosrowshahi has been working to restructure some overseas operations and build up businesses outside its core ride-hailing operation-such as prepared-food-delivery unit UberEats and trucking business Freight-to help bolster Uber's finances and emphasize the breadth of its business compared with Lyft. Lyft's valuation is likely to end up between $20 billion and $30 billion, one source added. While it continues to grow faster than its larger competitor, Uber, it is also losing money. The market of ride sharing seems to be permeable, says Jeff Zell, the senior analyst & partner of IPO Boutique, Florida. The local taxi industry had provided to the emerging USA competitor, contrary to; in a landmark decision, the regional court in Frankfurt had held that a Service of Uber, the rides, with private people in their own cars, the competition was illegal.

If Uber stays on track to hit the stock exchange by the middle of next year, that gives Lyft a few months to shine as the one and only option while it speeds to catch up. Both companies face legal battles with drivers over their classification.

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