One day after Lyft submitted paperwork to the Securities and Exchange Commission for an initial public offering, Uber sent in its own confidential filing, The Wall Street Journal reported Friday, citing “people familiar with the matter.”
The move puts Uber and Lyft in a race to Wall Street, an indication that both companies expect investors to have an appetite for only one ride-hailing company. Analysts hadn’t expected Uber to go public “until the middle of next year,” Recode reported on Thursday.
The filings now put both Lyft and Uber on pace for a public offering in the first three months of 2019.
As of October, Wall Street banks projected that Uber could raise $120 billion in its IPO, Bloomberg News reported at the time. Lyft has been valued at $15 billion.
Lyft said it hasn’t yet determined how many shares will be offered or what the price range will be. The IPO is expected to begin after the SEC reviews the plan, according to Lyft’s statement.