Ride-hailing startup Uber Technologies Inc has hired a string of investment bank...
- Ride-hailing startup Uber Technologies Inc has hired a string of investment banks to its syndicate of initial public offering underwriters, as it ramps up preparations for a stock market debut, people familiar with the matter said on Tuesday.Smaller rival Lyft Inc 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, the sources said.
These banks will support Morgan Stanley and Goldman Sachs Group Inc, which Uber hired late last year to lead its public offering, the sources added. Uber will make additional bank hires in the coming weeks to complete the IPO syndicate, the sources said. Several investment banks held off pitching Lyft for an IPO role in order to be hired by Uber, a more lucrative and high-profile assignment given its size and status. However, JMP Securities managed to get on both Uber and Lyft’s IPO syndicates, showing that such overlap is possible, albeit mainly with more junior underwriting roles.
Lyft’s top-tier of seven underwriters was responsible for around a quarter of capital raised through last year, compared to more than 40 percent for the six top-tier banks that Uber has hired so far, according to Dealogic.
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