Uber Files for IPO

Ride-hailing service Uber Technologies Inc. filed initial paperwork on Thursday for an initial public offering next year, according to media reports.

The confidential filing came on the same day rival Lyft Inc. filed its own confidential S-1 filing statement with the U.S. Securities and Exchange Commission.

Neither filing indicates the timing, price or number of shares to be offered. But each company is scrambling to launch its IPO ahead of the other, figuring the first to do so will have the better chance of wooing investors. The rivals also face a cooling market because of worries about a possible recession.

Uber has an estimated IPO market valuation of $120 billion. That compared with about $76 billion for Lyft.