Uber files for $76 bln initial public offering

Lyft has filed for an initial public offering but timing will depend on the markets

Just over a year ago, co-founder and former CEO Travis Kalanick departed the company, and new chief executive Dara Khosrowshahi has spent much of 2018 attempting to turn the company around and rehabilitate its image.

The company's floatation has always been expected to debut in 2019, but Uber's early approach in filing paperwork to the Securities and Exchange Commission means Uber could go public "as soon as the first quarter", according to the WSJ.

Lyft could go public as early as the first quarter of 2019, based on how quickly the SEC reviews its filing, people familiar with the matter said.

This story is developing.

Uber chose Morgan Stanley and Goldman Sachs group in October with the banks telling the company it could be worth US$120 million on the public markets.

The company was valued close to $72 Billion in its last capital raising event. Revenue grew 38% to $2.95 billion in the latest quarter, slower than the second-quarter year-over-year jump of 63%.

Plans are afoot to scale up to over 1,000 techies across engineering and product teams in Bengaluru and Hyderabad, said the company which now has 500 plus engineers across the two locations.

Founded in 2009 by Travis Kalanick, Uber has raised nearly $20 billion from investors such as Japan's SoftBank and Toyota.

Uber, which operates in over 60 countries, is in a race with Lyft to be the first to enter the market. So far only in the United States and Canada, active company, which gives such as Uber, a Smartphone-App ride-sharing and traditional taxi services, power of competition, to grasp for its IPO in March or April in the eye. Meanwhile, its self-driving auto unit is costing the company about $200 million a quarter, according to investors, but Uber's program has retrenched since one of its autonomous cars killed a pedestrian in March.

"The S-1 filing with the SEC puts Uber neck-and-neck with Lyft". Both companies face legal battles with drivers over their classification.

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