Ride-sharing app Uber on Thursday quietly filed paperwork for an initial public offering (IPO), The Wall Street Journal and Reuters reported Friday evening, citing people familiar with the situation.
Rival app Lyft announced its own IPO filing Thursday, and the two companies are expected to race each other to the investment market. Both have attracted billions in venture capital support, though Uber's haul of about $20 billion is four times larger than Lyft's backing. Uber also controls a larger portion of the ride share market.
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