Uber plans to kick off IPO

Uber driverless car heads out for a test drive in San Francisco

An Uber driverless car. Softbank and Toyota could invest in Uber's driverless car arm Credit AP

Uber Technologies Inc. plans to make its debut on public markets in April, Reuters reported Thursday.

SoftBank and Uber declined to comment.

It is a busy week among public IPOs in preparation as Lyft, Uber and Pinterest are getting ready to issue their Initial Public Offerings with Lyft preparing to joining the list of NASDAQ stocks already at the beginning of the next week according to some sources, even though the company y originally announced the IPO release for mid-March 2019. The company, based in San Francisco, could hit a valuation of $120 billion when it reaches the stock market.

Uber will actually get beaten to an IPO by its smaller rival, Lyft, which is expected to complete its IPO in the coming weeks. Lyft, meanwhile, is looking for a market valuation between $20 billion and $25 billion after being valued at $15 billion in its most recent private funding. And a successful IPO for Lyft would allow Uber to benefit from market euphoria and also demand a high valuation.

Uber's revenue a year ago was $11.3 billion, while its gross bookings from rides were $50 billion. Accepting a minority investment would let others cover the cash needs in the short term, although that US$1 billion won't last long. We can expect to learn things like Uber's full 2018 financial performance and just how much money the company has been losing.

Uber Chief Executive Officer Dara Khosrowshahi will be tasked with convincing investors that he has successfully changed the company's culture and business practices after a series of embarrassing scandals over the last two years.

Investors including Japanese technology giant Softbank are closing in on a deal to invest up to $1bn (£750m) in Uber's self-driving vehicle business.

Uber has been exploring a deal to bring on outside investors for the self-driving business since a year ago.

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.

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