Uber follows Lyft with plans for early-2019 IPO

Thursday, 11 Dec, 2018 0

The race is on to go public between the two dominant ride hailing apps.

Hot on the heels of Lyft filing confidential documents for a proposed early-2019 IPO, Uber Technologies Inc has now done the same.

The Wall Street Journal reported Uber filed to the U.S. Securities and Exchange Commission but hasn’t yet appointed a lead banker to handle the share sale.

Depending on how much equity is up for grabs, the Uber public offering could be one of the largest ever.

Its valuation is as much as $120 billion, although it is still haemorrhaging money.

Growth has slowed as it lost $1.1 billion on revenue of $2.95 billion last year.

According to a new survey from investment firm Raymond James, Uber holds a 60% market share and Lyft is gaining with 23%.

Although Uber is by far a bigger brand, Lyft is friendlier and has a more positive brand image, according to a survey of 1,000 US customers.

"While Lyft trails Uber in share, it does have a highly engaged user base – we found that Lyft users actually use the service more frequently than Uber users," the survey report said.

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TravelMole Editorial Team

Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.

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