09 January 2020
Uber has reportedly filed papers for an initial public offering which will take place in 2019, according to reports. The news comes on the back of the report that the company’s rival Lyft has also filed for an IPO last week.
People familiar with Uber’s plans revealed the news of the IPO. The company has reportedly filed its paperwork with the SEC last week, setting the stage for both companies to compete over who can get their shares on the market first.
Uber has been riddled with controversies since last year over workplace and legal conditions. The company’s co-founder and former CEO Travis Kalanick was asked to resign last year, and Dara Khosrowshahi was made the new chief executive. Since then the company has seen positive progress. Uber has been planning an IPO since last year and the filing hints that it will happen sooner than previously anticipated. Previous reports had hinted that Uber will file for an IPO in mid- or late 2019.
Transportation apps have seen some of the biggest growth over the past couple of years, and they're not the only tech companies preparing to go public. Other tech giants like Slack and Airbnb are also in line for an IPO according to reports.
Banks have estimated Uber's IPO value at $120 billion, which is much higher than the $72 billion estimates from its last round of funding. Till now Uber has raised about $18 billion from various investors.