The Uber offering is being led by Morgan Stanley and Goldman Sachs, two of 29 banks listed as underwriters on the offering
Uber Technologies Inc. filed for an initial public offering with the Securities and Exchange Commission on Thursday afternoon, setting up one of the most anticipated Silicon Valley IPOs since Facebook Inc.
Smaller U.S. ride-hailing rival Lyft Inc. LYFT, +1.48% went public late last month, raising more than $2 billion at a valuation of roughly $24 billion. Shares have dipped well lower than the $72-per-share IPO in the two weeks since, however, and closed Thursday at $61.01, giving Lyft a market capitalization of $17.4 billion.
Khosrowshahi, previously the CEO of Expedia Group Inc. EXPE, +0.35% , took over the helm of Uber in August 2017, after founder Travis Kalanick stepped down amid controversy around its culture and business tactics. Khosrowshahi admitted “missteps along the way” to the IPO in his letter, but insisted that he has established a new structure.
Uber reported $11.3 billion in revenue for the calendar year 2018, up 42.1% from the year before. The company reports only the portion of revenue it receives for rides and other services, as MarketWatch reported in 2017.
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