Uber Files For Much-anticipated IPO

Uber filed documents on Thursday for its much-anticipated public share offering, expected to be the largest in the tech sector in years and a bellwether for other venture-backed startups eyeing Wall Street listing.

The filing with the Securities and Exchange Commission contained no specific pricing or timing for the market debut for Uber, which according to media reports was expected to raise some US$10 billion.

Uber's valuation in its latest private investment round was more than US$70 billion, but reports said the ride-hailing giant was likely to seek a market value of close to US$100 billion.

The company has faced legal difficulties in Hong Kong, with 28 of its drivers convicted last year of offering rides without a hire-car permit.

The company has sold its mainland operations to rival Didi Chuxing and its Southeast Asia unit to Singapore-based Grab – while also taking substantial stakes in both companies. (AFP/RTHK)