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.
This means Uber needs to prep for an IPO filing sooner rather than later.
This story is developing.
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. For example, Uber lost $1.07 billion in the third quarter, this year, and continues to struggle in terms of growth, even though its gross bookings reflect a company of larger scale (at $12.7 billion). In the case of an IPO, Uber's valuation will touch a whooping $120 billion.
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Depicting folktales and local legends, artists will showcase ancient painting forms like Gond, Madhubani, Phad, Warli and Thangka. The idol is built on a number of floating boats on the lake that firmly holds the idol of Ambani's patron deity Lord Shrinath ji.
San Francisco-based Lyft filed with the SEC last Thursday, but didn't say how many shares it would issue or the price of its stock. Q3 revenue was up 5 percent, to $2.95 billion.
Uber has raised about $18 billion from an array of investors since 2010, and it now faces a deadline to go public. 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.
Arguably, the only bright spot of Uber's service playlist is UberEats, a food delivery service that is the only profitable part of the company's business. 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 Initial Public Offering is expected for the 2019's first half, the sources have reported Reuters.
Lyft was launched in the summer of 2012 by Logan Green and John Zimmer as Zimride, a ride-sharing service between cities shared on Facebook.
Lyft presents other risks, including unresolved questions about its workforce of independent contractor drivers.