Uber files confidential plans for IPO

Uber has confidentially filed for an initial public offering (IPO), The Wall Street Journal reported Friday evening.

The ride-sharing giant filed the papers earlier this week to be able to sell stock to the public early in 2019, potentially in the first quarter, according to the report.

News of Uber’s filing came a day after its competitor Lyft announced that it had also filed for an IPO.

Both ride-sharing services have drawn billions of venture capital dollars, but have yet to be tested in a wider investor market.{mosads}

Uber has raised about $20 billion dollars, compared to Lyft’s $5.1 billion to date, according to the Journal. Both figures include debt financing, since both are unprofitable.

Uber controls 69 percent of the U.S. ride-sharing market as of October, while Lyft had 28 percent, according to Second Measure, which tracks credit-card spending data.

Details of Uber’s filing, including exactly when it was submitted, weren’t immediately available.

The company’s banking advisers have suggested the ride-hailing firm could go public at a valuation of $120 billion, the Journal reported.

Uber did not immediately respond to The Hill’s request for comment on Friday.