Uber files for $76 bln initial public offering

Uber files for $76 bln initial public offering

Uber files for $76 bln initial public offering

The company behind the popular taxi app in the Us beurswaakhond SEC confidential documents filed for an ipo.

Uber is eager to beat Lyft to Wall Street, sources were quoted as saying. This is possibly one of the most-watched for IPOs of any of the valley-based company.

In mid-October, the Journal reported that JPMorgan had been chosen along with Credit Suisse and Jefferies Group for its IPO next year, which could value Uber as high as $120 billion.

One of the important decisions taken under Khosrowshahi was Uber's exit from the Southeast Asian market earlier this year, after having sold the stake to the regional player Grab. In August, he hired the company's first chief financial officer in more than three years. Its revenue for the quarter was $2.95 billion, a 5 percent boost from the previous quarter.

However, the details of Uber's filing, including the exact day of filing the paperwork aren't known. Morgan Stanley and Goldman Sachs are likely to get the lead underwriting roles, according to Reuters.

Uber has reportedly has filed paperwork for its highly anticipated IPO.

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.

No withstanding the excessive hype, Uber faces the stiff challenge of overcoming the concerns of the investment community well before its IPO hits the market.

While in the United States, in the meantime, some towns fight back against the Expansion of Uber, had pulled the company out of Germany, after an initial Phase of aggressive Expansion in 2015, to a great extent. This was the first time that Uber had revealed the numbers of its food delivery business.

In a way Uber's IPO will taste investor's appetite for a company that at present is making considerable losses.

"In 2018, our tech teams grew by 150% and we are focused on doubling down again in 2019", Apurva Dalal, Head of Engineering, Uber India, said in a statement. Investors have valued Lyft at the last round at $ 15 billion.

IPOs next year by Uber and Lyft would only be part of a roster of possible US tech mega-listings.

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