The two companies are now battling to become the first ride-sharing company to go public.
Cab hailing giant Uber has filed paperwork for its initial public offering (IPO), The Wall Street Journal reported citing people familiar with the matter, just a day after San Francisco-based on-demand transportation company Lyft's IPO plans were also reported by media.
The ride-hailing giant filed the confidential paperwork on Thursday, according to one source, to lock horns with its smaller rival Lyft, which also filed the confidential paperwork for IPO nearly on the same day. Valued at $76 billion, reports suggest that this filing makes it one of the biggest technology listings ever.
Uber's CEO Dara Khosrowshahi is a grad of Brown University. The pipeline suggests next year could exceed the IPO peak reached in 2000 at the height of the dot-com boom. Uber has not confirmed anything this decision, but many experts believe that the company has already secretly filed for the next year's IPO. If this report is indeed true then this will go down as an important milestone for one of the most followed and reputed global startups. Filing now doesn't require Uber and Lyft to go public early in the year, but it gives them time to address comments and questions from the SEC, which often takes several months. Some speculate, however, that it could be worth as much as $120 billion as an IPO.
Founded in 2009 by Travis Kalanick, Uber has raised close to $20 billion in a combination of debt and equity funding. Both figures include debt financing.
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Uber is in a race to the stock market involved with competitor Lyft.
Growth for Uber, while still rapid, has slowed. Uber has reportedly lost $1.07 billion, and this quarter made a revenue of $2.95 billion.
Both are expected to be among next year's largest offerings.
Arguably, the only bright spot of Uber's service playlist is UberEats, a food delivery service that is the only profitable part of the company's business. When Dara Khosrowshahi took over the reins of the San Francisco-based company on August 28 previous year, everyone wondered whether the transportation network company would see a turnaround.