Uber hires more underwriters for share offering: report

March 13, 2019 09:25
Uber is stepping up preparations for a stock market listing. Photo: Reuters

Uber Technologies has hired a string of investment banks to its syndicate of initial public offering underwriters, ramping up preparations for a stock market debut, Reuters reports, citing people familiar with the matter.

The ride-hailing services giant has added more than half a dozen investment banks, including Bank of America, Barclays, Citigroup, Allen & Company, Deutsche Bank and JMP Securities, to its IPO underwriting lineup, the report said.

These banks will support Morgan Stanley and Goldman Sachs Group, which Uber hired late last year to lead its public offering.

Uber will make additional bank hires in the coming weeks to complete the IPO syndicate, according to the report.

Smaller rival Lyft is racing to list in the stock market at the end of March. While Uber will not beat Lyft to an IPO, the preparations are aimed at giving it the flexibility to go public as early as the first half of 2019, sources told Reuters.

Like Lyft, Uber filed confidentially for an IPO with the US Securities and Exchange Commission in December.

Bankers have indicated that Uber could be valued at as much as US$120 billion, though some analysts have pegged its value closer to US$100 billion based on the earning figures it discloses.

Lyft could be valued close to US$25 billion in its IPO, according to Reuters sources.

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