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Uber plans to kick off IPO in April

17 March 2019

Uber's initial public offering is said to to be one of the biggest of the year, at a $120 billion valuation, a major jump from its current valuation at $72 billion. Uber declined to comment.

The ride-hailing company has yet to publicly file financial paperwork for its IPO, but recently said it lost an adjusted US$1.8 billion past year.

Uber and Lyft, ride-sharing companies which represent direct competitors in the industry of getting a quick and cheap ride anywhere in the world where Lyft and Uber applications are supported, have submitted their IPO filings to the Securities and Exchange Commission at the end of 2018 around the same time. Lyft, meanwhile, is looking for a market valuation between $20 billion and $25 billion after being valued at $15 billion in its most recent private funding.

Uber, which a year ago lost about $3.3 billion, is wagering on a progress to self-driving vehicles to dispose of the need to pay drivers. But the company lost $US3.3 billion, excluding gains from the sale of its overseas business units in Russian Federation and Southeast Asia.

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Uber Chief Executive Officer Dara Khosrowshahi will be tasked with convincing investors that he has successfully changed the company's culture and business practices after a series of embarrassing scandals over the last two years.

SoftBank Group and Toyota Motor are leading a group of investors in talks to invest $1 billion or more into the unit.

Both companies have been steadily increasing revenue, however, both companies are also losing billions of dollars per year as they attempt to reign in costs and make other tweaks in their quest to achieve profitability. In the case of Uber and Lyft, however, many large institutional investors already have access to the companies through participation in private rounds of investment.

Uber's business operates in more than 70 countries and includes not only ride-hailing but also bike- and scooter-rentals, freight hauling, food delivery and an expensive self-driving vehicle division.

Uber plans to kick off IPO in April