Sauve qui peut!

10 Dec 2018 By Robert Cyran Follow @rob_cyran

The ride-hailing apps are jockeying for pole position with public offering filings. Economic worries have put the broad market in a correction and Moderna’s plunge after a $7.6 bln IPO shows demand for cash-burning firms is limited. This duel risks a nasty collision with reality.

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Uber Technologies filed paperwork on Dec. 6 for its initial public offering, according to Reuters’ sources. The ride hailing firm’s rival, Lyft, said on the same day it had filed with the Securities and Exchange Commission for an IPO.

Uber’s valuation in its last round of funding was $76 billion. The company had revenue of $2.95 billion in the third quarter and lost $1.1 billion. Lyft’s last round of funding valued it at $15 billion.

Moderna fell 19 percent in its first day of trading on Dec. 7. The biotech company’s initial public offering valued it at $7.6 billion, a record for the sector.

(This item has been corrected to revise the trading date of Moderna’s stock from Dec. 19 to Dec. 7.)

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