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Uber Technologies Inc

Uber files for IPO as it kicks off race to float with rival Lyft

According to a report from The Wall Street Journal, the company filed the papers last week, with Uber potentially listing on Wall Street “as soon as the first quarter”

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Uber could potentially reach a market cap valuation of US$120bn

Ride-hailing app Uber has reportedly filed a confidential draft document for its initial public offering (IPO), kick-starting a race to list with rival firm Lyft, which filed similar papers a day before.

According to a report from The Wall Street Journal, the company filed the papers last week, with Uber potentially listing on Wall Street “as soon as the first quarter”.

READ: Uber reportedly in talks to acquire electric scooter startups Bird and Lime

The two floats could raise billions for both firms, with a Reuters report in October saying that valuations at various US banks had pegged Uber with a potential market cap of around US$120bn.

In a bid to perhaps increase its potential value ahead of the float, a report from the FT last week said Uber was in talks to possibly acquire electric scooter startups Bird and Line, two ‘unicorn’ start-ups valued at over US$1bn, in multi-billion dollar deals to alleviate constraints on its scooter supply following the launch of its own scooter sharing service Jump in October.

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