Uber files for the most-hyped IPO of the year

Uber plans to make its IPO registration with the US Securities and Exchange Commission publicly available later this week

That's nearly as much as the $78.2 billion drivers have earned since 2015 driving for Uber.

The ride-hailing company on Thursday filed with the US Securities and Exchange Commission for its initial public offering.

By registering its public offering on Thursday, Uber aims "to price its IPO and begin trading on the New York Stock Exchange in early May", Reuters reported.

The world's largest taxi-hailing company revealed that it made a $3 billion operating loss a year ago as it published the prospectus for its initial public offering (IPO).

Lyft's revenue more than doubled between 2017 and 2018 while Uber's grew around 42 percent.

Drivers can also buy Uber stock at the IPO price - a whole program is set up, with an option to use their reward money toward a stock purchase.

The registration will provide investors with their most complete look yet at Uber's financial and operational numbers and strong points of comparison to rival Lyft's IPO registration in March. In the fourth quarter of 2018, Uber generated US$2.54 billion in adjusted net revenue, with US$2.31 billion of that coming from ridesharing.

Uber would be the largest IPO since that of Chinese e-commerce company Alibaba Group Holding Ltd in 2014, which raised $25 billion.

Uber continues to be heavily loss-making despite its significant growth and expansion into new businesses, the taxi app has revealed as it filed to go public in NY.

A representative for Uber declined to comment.

Uber CEO Dara Khosrowshahi acknowledged the self-inflicted wounds that damaged the ride-hailing service's reputation while trying to make the case that the company has rehabilitated itself since he took over 18 months ago. And it's likely to be the largest among USA tech companies since Facebook took its bow on Wall Street seven years ago at a time when most people hadn't ever considered using an app on their smartphone to summon a ride from strangers driving their own cars.

Most of the shares sold would be issued by the company, while a smaller portion would be owned by Uber investors cashing out, one of the sources said.

But it suspended testing when one of its self-driving vehicles struck and killed a pedestrian in Arizona past year.

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