Economy

Uber plans to kick off IPO in April, sources say

Uber plans to kick off IPO in April, sources say

Toyota, the largest automobile maker of Japan, also invested $500 million into Uber previous year, for its project on self-driven cars, where both companies can be seen as straggling competitors just like, Waymo, a self-driving unit of Alphabet Inc.

They said the timing for Uber's IPO likely means it will take place after Lyft completes its own IPO. Uber declined to comment. Uber was valued at about $72 billion last August, and is said to be seeking a valuation as high as $120 billion for its IPO.

The two companies are positioned to kick off a string of hotly anticipated public debuts from highly valued tech companies, energizing the IPO market after a quiet start to the year. For SoftBank, the cash injection protects the much-larger investments it's already made in the company-in December 2017, it purchased a 15 per cent stake in Uber for US$7 billion at a US$48-billion valuation.

Both companies stand to benefit from Lyft joining the public markets first. While the businesses are quite a bit different both in terms of scale and complexity, Lyft is easily the closest competitor and market equivalent to Uber.

Uber reportedly saw $11.3 billion in revenue past year and a loss of $3.3 billion.

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Dara Khosrowshahi, chief executive officer of Uber, has previously said a culture change is a work in progress.

Lyft's revenue for past year was $2.2 billion, with $8.1 billion in gross ride bookings. It operates in more than 70 countries and includes ride-hailing, bike and scooter rentals, freight hauling, food delivery and a self-driving auto division.

SoftBank Group Corp and Toyota Motor Corp are said to be in a discussion of investing $1 billion or more into the self-driving unit of Uber Technologies Inc., raising the value of the unit to $10 billion from $5 billion.

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.