( Reuters ) – About Technologies has filed papers for an IPO. According to three people familiar with the matter, Uber Technologies approached an important milestone for one of Silicon Valley's most intensively watched and more controversial companies.
The company filed the confidential documents on Thursday, one source said, with smaller US rival Lyft, which also announced an IPO on Thursday
The simultaneous filing extends the lengthy struggle between Uber and Lyft who often introduced identical services as fierce competitors and adjusted the prices of the other. Uber seeks to beat Lyft against Wall Street, as the sources familiar with the matter demonstrate, a sign of the company's entrenched competitiveness.
Signing up will set the stage for one of the largest technology listings of all time. Uber's valuation in his last private financing was $ 76 billion, and when it goes public, it could be $ 1
The IPO will test public sector investor tolerance of Uber's legal and corporate controversy, which has almost completely impacted the company over the past year, and the progress of Chief Executive Dara Khosrowshahi
Khosrowshahi has taken little over a year ago and has repeatedly publicly announced to bring Uber to the public in 2019. In August, he hired the company's first Chief Financial Officer for more than three years. 19659002] Together, Uber and Lyft will test the appetite of the public market for the Ride-Hail business, which originated less than a decade ago and has proven to be very popular but also unprofitable.
Uber lost $ 1.07 billion in the third quarter. Growth slows, but gross bookings of $ 12.7 billion reflect the company's massive size. Quarterly revenue was $ 2.95 billion, up 5 percent from the previous quarter. Their bookings rose only six percent in the quarter.
Uber has raised some $ 18 billion from a number of investors since 2010 and is now about to go public.
SoftBank Closing in January The Japanese investor received a 15 percent stake in Uber, including a provision that requires Uber to go public by September 30 of the following year. Otherwise, the company risks expiring the restrictions on the transfer of shareholder shares.
Uber has not officially decided Banks say Morgan Stanley and Goldman Sachs are likely to take the lead, Reuters said. Lyft hired JPMorgan Chase & Co, Credit Suisse and Jefferies as underwriters.
The Wall Street Journal reported on Uber's submission Friday.
History of the Scandal
If you become a public company, the investor check level is increased A commitment in Uber that suffered from a number of scandals when the company was co-founded and former CEO Travis Kalanick, who resigned last year.
Controversies included alleged sexual harassment, as well as the rape of a woman raped by a woman an Uber driver in India, a massive data breach, and federal investigations into issues such as paying bribes to officials and illegal software bypassing regulatory agencies ,
Khosrowshahi and his leadership team have been working to reset the workplace culture and eliminate clutter, including US state settlements for data breaches and Alphabet's self-driving auto unit, Waymo, which Uber sued for stealing trade secrets.
About Today is a different business than the vision that its founders introduced to the early investors, which helped make the company the highest rated venture capital firm in the United States.
Uber sold its business after concessions in China, Russia and Southeast Asia For a local rival and the prospect of another merger in the Middle East, Uber is by no means the dominant global car service he intended.
Uber is active in more than 70 countries, but Lyft is against it In the US and Canada, the smaller company plans a global expansion.
Uber has also added a number of other companies that are growing, but still do not need to show sustainable profits to become a one-stop mobility app. These include freight transport, delivery of food and rental of electric bicycles and scooters. According to investors, the self-driving vehicle business now costs around $ 200 million per quarter. However, Uber's program has declined since one of its autonomous cars killed a pedestrian in March.