Confidential IPO filing for contentious Uber expected to raise $120 billion

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Confidential IPO filing for contentious Uber expected to raise $120 billion

According to at least three people having knowledge with the issue, the UBER, one of the most controversial and closely observed companies in the Silicon Valley, has completed filing paperwork for an IPO (Initial Public Offering), as the news came in to light on December 7th, Friday.

One of the sources has been quoted saying that this highly controversial company had filed the confidential paperwork on December 6th, Thursday. However, its smaller US rival, Lyft Inc. had also announced an IPO filing at the same day.

This simultaneous would obviously be prolonging the protracted battle between the Lyft and Uber, as they had been fierce rival over the past few years. Even, they had often been seen to roll out identical services and prices to compete against one another.

A source having knowledge regarding this matte told that UBER seemed to be very keen to beat Lyft on Wall Street. As the IPO fling has been over, the stage is set to rock the market with one of the biggest technologies. Uber’s net capital is worth $76 billion and the company could be worth over $120 billion in the IPOs.

Its highly anticipated debut on Wall street is going to take place next year and that appears to be the initiation of a series of public debuts of highly valued Silicon Valley companies including Airbnb and Slack. However, ongoing market volatility might have changed the company plans.