Uber plans to kick off IPO in April

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Uber's initial public offering is said to to be one of the biggest of the year, at a $120 billion valuation, a major jump from its current valuation at $72 billion.

SoftBank and Uber declined to comment.

Both companies stand to benefit from Lyft joining the public markets first.

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The ride-hailing company has yet to publicly file financial paperwork for its IPO, but recently said it lost an adjusted US$1.8 billion previous year.

Uber has recently been valued at United States dollars 76 billion in the private market and is seeking a valuation as high as USD 120 billion.

Uber is in a race with smaller rival Lyft, which has announced its own IPO, expected to be completed by the end of March. And a successful IPO for Lyft would allow Uber to benefit from market euphoria and also demand a high valuation.

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Uber Technologies Inc is in advanced discussions to sell a US$1 billion (RM4.09 billion) stake in its costly self-driving vehicle unit to a consortium of investors led by SoftBank Group Corp, people familiar with the plans said.

Uber's revenue a year ago was $US11.3 billion, while its gross bookings from rides were $US50 billion.

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. But the company lost $3.3 billion, excluding gains from the sale of its overseas business units in Russian Federation and Southeast Asia. Accepting a minority investment would let others cover the cash needs in the short term, although that US$1 billion won't last long. The company has burned through more than US$10 billion in its lifetime, and the development of autonomous cars accounts for a sizeable chunk. The former previously invested in Uber and in 2018 made a $2.25 billion investment in General Motors' self-driving auto division.

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It could also help underscore Uber's value as the ride-hailing firm prepares for a stock market debut in which its value could top $100 billion.