Uber makes confidential filing for long-awaited IPO

Uber files for IPO, Wall Street Journal reports

Uber CEO Dara Khosrowshahi in a FOX Business exclusive discusses the timeline for the company's IPO plans and how the ride-sharing sector will ultimately end vehicle ownership. A source having knowledge regarding this matte told that UBER seemed to be very keen to beat Lyft on Wall Street. The companies are racing each other to go public in stock market in 2019 amid fear of economic recession.

This story is developing.

The two initial public offerings could raise billions for the two companies to fuel their expansions, while giving investors their first chance to buy stakes in the ride-hailing phenomenon.

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Uber's revenue growth slowed in the third quarter to 38 percent. 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. According to the business analysts if the Lyft decides to go public, then the market valuation of it will be 30 billion dollars which are quite low as compared to Uber's valuation.

Uber has raised a whopping $18 billion from investors since 2010.

"Having both companies go public will help the ride-hailing industry become much more rational and disciplined", Paul Hudson, founder and chief investment officer of Glade Brook Capital Partners LLC and an investor in both companies, said in an interview.

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Still, Uber operates in more than 70 countries, while Lyft is in the US and Canada, although the smaller company is plotting a global expansion.

The businesses include freight hauling, food delivery and electric bike and scooter rentals. The Lyft and Uber offerings are expected to occur in the first half of 2019. While it continues to grow faster than its larger competitor, Uber, it is also losing money.

Lyft in particular is one of the newest entrants to self-driving and has only a small robo-taxi service in Las Vegas using another company's technology. Instead it may now plan to go public well before its rival Lyft does. This simultaneous would obviously be prolonging the protracted battle between the Lyft and Uber, as they had been fierce rival over the past few years.

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