12/8/2018, 8:30 AM (Source:
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Uber files for IPO - report

Uber Technologies Inc. confidentially submitted paperwork to the United States Securities and Exchange Commission for an initial public offering, the Wall Street Journal reported.

The ride-sharing company has been estimated at $72 billion at its last private valuation after Toyota Motor Corporation invested $500 million into the business. However, banking advisors think Uber's worth may go up to $120 billion in the IPO, the sources told the WSJ.

Uber's rival, Lyft Inc. previously revealed it is also planning a stock market debut.

Breaking the News / MD