Published: Fri, April 12, 2019
Markets | By Otis Pena

Lyft investors bail as Uber IPO prospect casts a looming shadow

Lyft investors bail as Uber IPO prospect casts a looming shadow

Uber could finally start going public on Thursday-and the company hopes to achieve one of the biggest tech IPOs in history. This is up 33.8 percent from 2017, but growth slowed from 51 percent a year earlier.

The company set a placeholder amount of $1 billion but did not specify the size of the IPO.

It could also work in Uber's favor that it is now expected to seek a valuation of $90 billion to $100 billion, below the $120 billion investment bankers previously told the company it could be worth, according to the Reuters report.

Uber is a considerably larger business than Lyft, operating in countries across the globe including Brazil, Mexico and India, as well as the Middle East, where it recently acquired Careem..

One advantage Uber will likely seek to play up to investors is that they are the largest player in numerous markets in which it operates.

Mercedes - Ferrari the clear favourites at Chinese Grand Prix
Bahrain I think the conditions were tricky and everyone was struggling with the wind and so on. "It's sheer power. So we have to get used to this level of performance, in my opinion, and see Melbourne as the outlier".

Those have included sexual harassment allegations, a massive data breach that was concealed from regulators, use of illicit software to evade authorities and allegations of bribery overseas.

Former Expedia CEO Dara Khosrowshahi took over management of Uber in 2017 and has aimed to restore the company's standing with a more cautious approach to safety issues and acknowledgment of the company's faults.

In a regulatory filing, Uber said it will list its shares on the New York Stock Exchange under the symbol "UBER".

After the close of trading on Wednesday, Lyft announced that it would release financial results for its first fiscal quarter ended March 31 after the market closes on May 7.

After Lyft's public-market debut, the social media company Pinterest made plans to offer its stock at only $15 to $17 a share, valuing the company at $11.3 billion, less than private investors and venture capitalists had valued the company. Drivers in good standing who have completed 2,500, 5,000, 10,000, or 20,000 lifetime trips as an Uber driver will receive the corresponding cash reward.

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