The IPO will be a test of public market investor tolerance for Uber's legal and workplace controversies, which embroiled the company for most of past year, and on Chief Executive Dara Khosrowshahi's progress in turning around the company.
The move puts Uber and Lyft in a race to Wall Street, an indication that both companies expect investors to have an appetite for only one ride-hailing company.
After talks of its much-awaited IPO, Uber, the San-Francisco based ride-hailing giant, has confidentially filed for an initial public offering (IPO).
Uber Technologies has reportedly filed paperwork with the US Securities and Exchange Commission (SEC), marking its first official step towards an IPO and becoming a publically traded company.
The IPO will serve as a huge test to see how companies that rely heavily on the gig economy fair on the public market. Investors in Uber include Japan's Toyota, Saudi Arabia's Public Investment Fund, Jeff Bezos, the founder and CEO of Amazon, Fidelity Investments, Softbank, Tencent, Alphabet, Microsoft, BlackRock, and China's DiDi Chuxing.
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Uber today is a different company than the vision its founders pitched to early investors, which helped it become the most highly valued venture-backed company in the United States. Uber's listing next year would mark the largest among all expected public debuts by promising Silicon Valley companies, including office messaging app Slack and hospitality service firm Airbnb. Uber has been going through some small losses from last few years continuously and to raise further capital they have now made a decision to go public and that too with their biggest rival.
Uber's IPO has been long expected.
Uber, which has dubbed its IPO plans "Project Liberty", had been aiming for the second half of next year. If this report is indeed true then this will go down as an important milestone for one of the most followed and reputed global startups.
Founded in 2009 by Travis Kalanick, Uber has raised close to $20 billion in a combination of debt and equity funding.
Growth for Uber, while still rapid, has slowed. It lost $1.1 billion in the three months ending in September and brought in revenue of $3 billion. Uber has also worked to expand into other segments such as food delivery, scooter rentals, and more. When Dara Khosrowshahi took over the reins of the San Francisco-based company on August 28 a year ago, everyone wondered whether the transportation network company would see a turnaround.