Uber takes big step to become global powerhouse

Uber has filed for an early 2019 initial public offering (IPO), The Wall Street Journal reports.

The ride-hailing company’s filing places Uber in a race with Lyft to the public market, with the two IPOs predicted to be among the biggest in 2019.

Uber aims to boost its valuation with its initial public offering, and reportedly expects Wall Street to value it at up to $120 billion – despite the company’s lower private market valuation of $72 million.

An IPO is inevitable for Uber, with CEO Dara Khosrowshahi previously stating that the company has all the disadvantages of being public with none of the advantages.

While Uber originally planned to publicly list in around mid-2019, the company is now looking to go public in the first quarter of next year.

The company’s biggest competitor, Lyft, has also filed for an IPO and is set to go public in the first of quarter of 2019.

Now read: Uber hikes prices in South Africa

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Uber takes big step to become global powerhouse