Uber gets IPO valuation; top US cities for jobs
Morning Business Outlook: Uber has reportedly received proposals from Wall Street banks valuing the company at as much as $120 billion in an initial public offering; job posting site Glassdoor ranks Pittsburgh as the best large metro area in the U.S. for jobs in 2018.
This week, Uber and Lyft both reportedly filed paper for their proposed initial public offerings, both of which are eagerly anticipated by investors who want a piece of the ride-sharing market.
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As the companies race to go public, the two IPOs are gearing up to be among the biggest next year.
Uber has reportedly received proposals from Morgan Stanley and Goldman Sachs, which value it around $120 billion, substantially larger than its rival Lyft, whose market value is estimated closer to $15 billion.
If Uber’s valuation doesn’t change before it goes public — Uber CEO Dara Khosrowshahi previously told FOX Business the company was on course to go public in the latter half of 2019 — it would be among the biggest IPOs ever.
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Here’s a closer look at some of the largest IPOs in history:
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The Alibaba Group: Valued at a whopping $25 billion, the Chinese multinational conglomerate claims the record as the biggest public offering in the world. It when it went public in 2014.
The Agricultural Bank of China: In 2010, the Agricultural Bank of China — which is one of the biggest banks in the country — went public for $22.1 billion.
Industrial and Commercial Bank of China: The largest bank in the world went public in 2006, valued at $21.9 billion.
American International Assurance: Valued at $20.5 billion, the largest public listed pan-Asian life insurance group had the fourth-biggest IPO. It went public in 2010.
Visa Inc.: In 2008, the American financial services corporation listed publicly at $19.7 billion.
