Uber is seeking a valuation of between $90 billion and $100 billion, influenced by the poor performance of smaller rival Lyft Inc’s shares following its IPO late last month.
Rakuten, which invested $300 million in Lyft in 2015 at a $2.5 billion valuation and then made subsequent cash infusions, is the company’s largest shareholder with an 11% stake.
Lyft’s valuation makes it the biggest company to go public since Alibaba Group Holding Ltd in 2014.
Lyft’s IPO will mark the first time a ride-hailing company has debuted on the US public markets.
The timing for Uber’s IPO means it will most likely hit public markets soon after Lyft completes its own public offering, which is expected to happen by the end of March.
The preparations are aimed at giving Uber the flexibility to go public as early as the first half of 2019.
The investor group includes Blackstone Group LP, GIC Pte Ltd, Canada Pension Plan Investment Board (CPPIB) and JMI Equity.
The San Francisco-based company is among a string of Silicon Valley unicorns expected to debut in the stock market in 2019.
Zoom is aiming to be valued in the IPO at several billion dollars more than the $1 billion valuation it achieved in its most recent funding round in 2017, when it received $100 million from venture capital firm Sequoia.
Three members of Tesla’s board will now weigh whether it is advisable – or even feasible – to pursue what could be the biggest-ever go-private deal, and they are doing so before receiving a formal proposal from the CEO.