Uber Technologies Inc has filed paperwork for an initial public offering, according to three people with knowledge of the matter, taking a step closer to a key milestone for one of the most closely watched and controversial companies in Silicon Valley.<\/p>\n
The ride-hailing company filed the confidential paperwork on Thursday, one of the sources said, in lock-step with its smaller US rival, Lyft Inc, which also announced on Thursday it had filed for an IPO.<\/p>\n
The simultaneous filings extend the protracted battle between Uber and Lyft, which as fierce rivals have often rolled out identical services and matched each other\u2019s prices. Uber is eager to beat Lyft to Wall Street, according to sources familiar with the matter, a sign of the company\u2019s entrenched competitiveness.<\/p>\n
Its filing sets the stage for one of the biggest technology listings ever. Uber\u2019s valuation in its most recent private financing was $76 billion, and it could be worth $120 billion in an IPO.<\/p>\n
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 Inc and workplace messaging firm Slack. Ongoing market volatility, however, could alter companies\u2019 plans.<\/p>\n
The IPO will be a test of public market investor tolerance for Uber\u2019s legal and workplace controversies, which embroiled the company for most of last year, and on chief executive Dara Khosrowshahi\u2019s progress in turning around the company.<\/p>\n
Khosrowshahi took over just over than a year ago, and has repeatedly stated publicly he would take Uber public in 2019. In August, he hired the company\u2019s first chief financial officer in more than three years.<\/p>\n
Together, Uber and Lyft will test public market investor appetitive for the ride-hailing business, which emerged less than a decade ago and has proven wildly popular, but also unprofitable.<\/p>\n
Uber in the third quarter lost $1.07 billion and is struggling with slowing growth, although its gross bookings, at $12.7 billion, reflect the company\u2019s enormous scale. Its revenue for the quarter was $2.95 billion, a 5 percent boost from the previous quarter. Its bookings grew just six percent for the quarter.<\/p>\n
Uber has raised about $18 billion from an array of investors since 2010, and it now faces a deadline to go public.<\/p>\n
An investment by SoftBank that closed in January, which gave the Japanese investor a 15 percent stake in Uber, included a provision that requires Uber to file for an IPO by Sept. 30 of next year or the company risks allowing restrictions on shareholder stock transfers to expire.<\/p>\n
Uber has not formally chosen underwriting banks, although Morgan Stanley and Goldman Sachs are likely to get the lead roles, sources told Reuters. Lyft hired JPMorgan Chase & Co, Credit Suisse and Jefferies as underwriters.<\/p>\n
Becoming a public company will bring a heightened level of investor scrutiny and exposure to Uber, which suffered a string of scandals when the company was led by co-founder and former CEO Travis Kalanick, who resigned last year.<\/p>\n
The controversies included allegations of sexual harassment, obtaining the medical records of a woman raped by an Uber driver in India, a massive data breach, and federal investigations into issues including possibly paying bribes to officials and illicit software to evade regulators.<\/p>\n
Khosrowshahi and his leadership team have worked to reset the workplace culture and clean up the messes, including settlements with US states over the data breach and with Alphabet\u2019s self-driving car unit, Waymo, which had sued Uber for trade-secrets theft.<\/p>\n
Uber today is a different company than the vision its founders pitched to early investors, which helped it become the most highly valued venture-backed company in the United States.<\/p>\n","protected":false},"excerpt":{"rendered":"
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