Uber is preparing for a $100 billion IPO …

Uber is preparing for an initial public offering in the next six months, a time-line that would put its listing into direct competition with that of smaller rival Lyft… Goldman Sachs and Morgan Stanley are set to be hired as lead underwriters for Uber’s IPO, which will see the ride-hailing app target a valuation of more than $100 billion… Meanwhile, Lyft yesterday appointed JPMorgan Chase to lead its flotation, aiming for a listing as early as March or April… It was valued at $15 billion in its latest fundraising, a $600 million round led by Fidelity in June. Uber’s valuation target is almost a quarter more than the $76 billion pricing at which it raised $500 million from Toyota last month, and would make its IPO one of the biggest from the technology sector… The lofty valuation reflects not just Uber’s core ride-hailing operations but also its stakes in China’s Didi Chuxing, Russia’s Yandex and Singapore’s Grab, as well as its other businesses, including food delivery and freight booking… Lyft, which operates only in the US and Canada, is significantly smaller than Uber, which has an extensive international footprint. Uber took in $5.4 billion in net revenue in the first six months of this year… compared with $909 million for Lyft…

Aliya Ram, Shannon Bond and James Fontanella-Khan

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