By The Editors / April 12, 2019

Uber’s IPO Filing Has Arrived

Uber and Lyft can now officially take their rivalry from the road to the market

An UberX driver, Michael Belet checks the app. (Evelyn Hockstein/For The Washington Post via Getty Images)
An UberX driver, Michael Belet checks the app. (Evelyn Hockstein/For The Washington Post via Getty Images)

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Hoping to raise $10 billion and get a valuation between $90 billion and $100 billion, Uber Technologies has filed its S-1 and will be listed on the New York Stock Exchange under the symbol “UBER.”

The filing paves the way for the transportation company to go public in May, the same way rival Lyft did in late March.

In its filing, Uber reported 2018 revenues of $11.27 billion, net income of $997 million and adjusted EBITDA losses of $1.85 million.

Since being offered on the Nasdaq on March 29 with a $72 IPO price, Lyft’s shares have steadily declined in price, in part because of fears over the impending S-1 filing by Uber. In its filing, Lyft noted it would be competing for drivers and riders with its road rival as a business risk.

Once shares of both ride-sharing firms are available for purchase, investors will have a chance to more closely compare the two competitors, both of which have been deeply unprofitable up to this point.

“Given that smaller, number two players will always scale at a lower margin than dominant players, we think Lyft deserves a discount to other ride-hailing players that dominate their markets,” HSBC analyst Masha Kahn wrote on April 11.  “Near-term competitive intensity could remain fierce as Uber potentially defends its market share under a new management team.”

With Uber now on the market, Pinterest and Slack are two of the next big-ticket IPOs which are set to hit the market. Both are expected to list in the coming months.

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