Sat, Mar 23, 2019 - Page 10 News List

Uber chooses NYSE for massive IPO

RIVAL LISTINGS:Lyft is to start trading next week on the traditionally tech NASDAQ Global Select Market, while its bigger rival has chosen the iconic Wall Street market


Uber Technologies Inc has selected the New York Stock Exchange (NYSE) for its initial public offering (IPO), handing the trading floor what could be one of the five biggest listings of all time, according to a person familiar with the matter, who asked not to be identified as the details are not public.

The ride-hailing giant is expected to file for its offering next month, kicking off a listing that could value the company at as much as US$120 billion and is likely to be the biggest of the year, people familiar with the plans have said previously.

At that valuation, Uber would only have to float about 16 percent of its shares to make the top five, according to data compiled by Bloomberg.

By selecting the iconic trading floor in the heart of Wall Street, Uber is diverging from rival Lyft Inc, which is to start trading next week on the NASDAQ Global Select Market.

Many technology giants, including Alphabet Inc’s Google, Microsoft Corp and Apple Inc, trade on NASDAQ, which was once the dominant exchange for technology upstarts going public.

Representatives for Uber and the NYSE declined to comment.

Lyft and Uber filed confidential IPO documents with the US Securities and Exchange Commission on the same day in December last year, but San Francisco-based Lyft has since raced ahead of its larger competitor.

Lyft this week started its roadshow to market the stock, meeting with investors in New York City and Boston.

While the smaller company has boasted that it reached 39 percent market share in the US in December last year, Lyft only generated about one-fifth of Uber’s US$11.4 billion in revenue for the whole of last year.

At the top of its marketed price range, Lyft’s IPO could value the company at as much as US$23.3 billion, including some restricted equity units for employees and others that are not yet fully available to them.

Meanwhile, Pinterest Inc has moved up its plans for an IPO to next month, a person familiar with the matter said.

The image search Web site, where users post and look for pictures that interest them, could submit its public IPO filing as soon as yesterday, said the person, who asked not to be identified because the details were private.

Pinterest had been planning to go public in June, seeking to raise about US$1.5 billion in an IPO valuing it at least US$12 billion, people familiar with the matter have said.

A representative for Pinterest declined to comment.

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