«Breaking News» Uber ‘begins process of filing for an IPO’ in race to beat rival Lyft onto Wall Street

Ride-hailing giant Uber has reportedly filed confidential preliminary paperwork for selling stock to the public.

The Wall Street Journal claimed Uber Technologies Inc. filed the paperwork earlier this week, citing people familiar with the San Francisco-based company's moves. 

Reuters also reported three sources confirmed the news and it means Uber could go public within the first three months of next year, just as Lyft plans to do the same.

Ride-hailing giant Uber has reportedly filed confidential preliminary paperwork for selling stock to the public

Smaller rival Lyft Inc is present in the US and Canada and is targeting its stock market debut for March or April 2019. 

Uber - which operates in more than 70 countries and does food delivery, electric bike and scooter rentals, and freight delivery - declined to comment on the Journal report.

The company had been given a September 30, 2019 deadline to file to go public in an investment provision by Japan's SoftBank that closed in January.

The 15 percent stake in Uber, included a provision that required the filing next year or the company risks allowing restrictions on shareholder stock transfers to expire, according to Reuters. 

The two initial public offerings (IPOs) would give investors their first chance to buy stakes in ride-hailing. 

It could also raise billions for the companies and allow them to expand in a so far unprofitable market. 

Smaller rival Lyft Inc is present in the US and Canada and is targeting its stock market debut for March or April 2019

CEO Dara Khosrowshahi joined Uber in August 2017 and previously said he was hoping for an IPO in the first half of 2019. 

Uber's recent valuation was $76billion, a high number considering it's not currently public. 

Reuters reports Morgan Stanley and Goldman Sachs are likely to get the lead roles which could value Uber as high as $120billion. Lyft hired JPMorgan Chase & Co, Credit Suisse and Jefferies as underwriters. 

Even if its valuation only tops $100billion Uber's IPO would be the biggest ever in the technology sector - General Motors, Ford and Fiat Chrysler Automobiles put together.

Since 2010, Uber has raised approximately $18billion from investors but is struggling with slowing growth.

The company reduced their autonomous car division, which costs them $200million a quarter, after one killed a pedestrian in March.

In the third quarter they lost $1.07 billion despite gross bookings taking in $12.7 billion. Its revenue for the quarter was $2.95billion, up 5 percent from the second quarter when bookings had grown by 6 percent.

The company is expected to outdo the likes of fellow Silicon Valley brands such as Airbnb Inc and workplace messaging firm Slack, which will reportedly debut on the market in 2019.

CEO Khosrowshahi vowed to improve the company when he replaced Travis Kalanick who was pushed out by investors anxious over his scandals.

However he said the focus would be on work culture and business practices.  

Link hienalouca.com

https://hienalouca.com/2018/12/08/uber-begins-process-of-filing-for-an-ipo-in-race-to-beat-rival-lyft-onto-wall-street/
Main photo article Ride-hailing giant Uber has reportedly filed confidential preliminary paperwork for selling stock to the public.
The Wall Street Journal claimed Uber Technologies Inc. filed the paperwork earlier this week, citing people familiar with the San Francisco-based company’s moves. 
Reuters also ...

It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.

Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.

Dianne Reeves US News HienaLouca





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