Technology

Uber confidentially files for IPO a day after Lyft


( Reuters ) — Uber Technologies has filed paperwork for an initial public offering, according to three people with knowledge of the matter, taking a step closer to a key milestone for one of the most closely watched and controversial companies in Silicon Valley.


The simultaneous filings extend the protracted battle between Uber and Lyft, which as fierce rivals have often rolled out identical services and matched each other’s prices.


Uber is eager to beat Lyft to Wall Street, according to sources familiar with the matter, a sign of the company’s entrenched competitiveness.


Together, Uber and Lyft will test public market investor appetite for the ride-hailing business, which emerged less than a decade ago and has proven wildly popular, but also unprofitable.


Uber has not formally chosen underwriting banks, although Morgan Stanley and Goldman Sachs are likely to get the lead roles, sources told Reuters.


Khosrowshahi and his leadership team have worked to reset the workplace culture and clean up the messes, including settlements with U.S. states over the data breach and with Alphabet’s self-driving car unit, Waymo, which had sued Uber for trade-secrets theft.






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