Uber files for IPO: Report

Last Updated: Sat, Dec 08, 2018 13:38 hrs

San Francisco: Cab hailing giant Uber has filed paperwork for its initial public offering (IPO), The Wall Street Journal reported on Saturday citing people familiar with the matter.

This comes a day after San Francisco-based on-demand transportation company Lyft deposited paperwork with the Securities and Exchange Commission (SEC) for an IPO.

"The S-1 filing with the SEC puts Uber neck-and-neck with Lyft. Both planned IPOs are shaping up to be among the biggest in a spate of offerings aimed for 2019.

"Lyft said it had filed its S-1, and people familiar with the matter have said it is aiming to debut in March or April," the report said.

However, the details of Uber's filing, including the exact day of filing the paperwork aren't known.

According to reports, the company's most recent private valuation was $76 billion, when it sold a roughly $500 million stake to car maker Toyota.

Lyft said it hasn't yet determined how many shares will be offered or what the price range will be. The IPO is expected to begin after the SEC reviews the plan, according to CNET.