Uber files for $76 bln initial public offering

Uber Said to Make Confidential Filing for Long Awaited IPO

Uber files for IPO, Wall Street Journal reports

The news comes just days its U.S. rival, Lyft Inc. also filed for an IPO.

The taxi industry says companies like Uber and Lyft should pay sales taxes, just as it does. Uber is expecting that valuation to reach a $120 Billion in its IPO - which if happens, will be a record in case of public market debut.

Public market investors' appetitive for ride-hailing business will be tested by Lyft and Uber IPOs.

Mr. Hudson said the ride-hailing companies' IPO plans also will put more pressure on other tech startups to go public, with employees and private shareholders seeking liquidity that comes with listing in the public markets. The company's revenue grew 38 per cent to $2.95bn in the third quarter down from 51 per cent in the previous three months.

Uber has raised about $18 billion from an array of investors since 2010, and it now faces a deadline to go public.

Uber did not immediately respond to Business Insider's request for comment.

The Wall Street Journal first reported Uber's IPO filing.

Uber, which operates in over 60 countries, is in a race with Lyft to be the first to enter the market.

The businesses include freight hauling, food delivery and electric bike and scooter rentals. But, it will be interesting to see how the investors are going to value the company by considering its prospect.

The extended battle between Uber and Lyft, which has forced both companies into rolling out identical services and to charge equivalent prices, is further protracted by the simultaneous filings. Rival Lyft, which is valued at about $15bn, filed for a listing on Thursday. But an earlier filling implies that the ride-hailing firm will debut much earlier than that. The local taxi industry had provided to the emerging USA competitor, contrary to; in a landmark decision, the regional court in Frankfurt had held that a Service of Uber, the rides, with private people in their own cars, the competition was illegal. Its investors include General Motors Corp, which holds a 9 percent stake in Lyft that it acquired for $500 million in 2016, but GM has wound down its cooperation with Lyft, choosing instead to acquire the autonomous auto company Cruise.

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