Investment

Uber adds several banks to line-up of IPO underwriters

Uber Technologies/Bloomberg

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Uber’s initial public offering (IPO) is expected to be among the five largest of all time in the US and is projected to be the biggest listing this year, netting millions of dollars in fees for the banks that work on the process.

Wednesday 13, March 2019

(Bloomberg) --Uber Technologies has added several banks to the list of underwriters that will help manage its initial public offering, according to a person with knowledge of the matter.

The ride-hailing company, which could be valued at as much as $120 billion in an IPO, is working with Bank of America Corporation, Barclays as well as Citigroup and Allen & Company on preparations for the IPO.

The banks join Morgan Stanley, which will lead the IPO for Uber, as well as Goldman Sachs Group.

The San Francisco-based start-up confidentially filed paperwork for the IPO with regulators in December, but is yet to make the details of its plan public.

Underwriters can make fees equal to about three per cent to five per cent of the gross proceeds on larger IPOs, though companies may negotiate lower fees on very large and high-profile listings.

 

TAGS : Uber, Barclays, Bank of America Corp, Citigroup, Allen & Company, Morgan Stanley, Goldman Sachs, IPO

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