Uber officially files to go public

Uber has officially filed for an initial public offering (IPO), according to documents submitted to the Securities and Exchange Commission (SEC) and released Thursday.

The ride-sharing giant did not say at what price it initially plans to list its shares, but said the IPO should be approved “as soon as practicable” after the registration’s filing.

According to the prospectus documents, Uber will list on the New York Stock Exchange (NYSE) under the ticker symbol UBER.{mosads}

Banks underwriting the offering include Morgan Stanley, Goldman Sachs, Bank of America Merrill Lynch, Barclays, Citigroup and Allen & Company, among others.

The company reportedly confidentially filed to be publicly tradeable in December.

The Wall Street Journal reported late last year that the company’s banking advisers had suggested the ride-hailing firm could go public at a valuation of $120 billion.

Uber’s filing comes about two weeks after ride-sharing rival Lyft debuted on the public markets.

Uber in the documents said by the end of 2018, its revenue reached $11.3 billion, with 91 million users on its platforms and 1.5 billion trips taken.

But the company’s operating losses last year totaled $1.8 billion.

“We have incurred significant losses since inception, including in the United States and other major markets,” the documents state, spelling out Uber’s investment risks. “We expect our operating expenses to increase significantly in the foreseeable future, and we may not achieve profitability.”

The company is also warning that it could face data privacy breaches in the future.

Uber and Lyft have been under scrutiny following a series of controversies over passenger safety and how the companies treat their drivers.

Lyft’s shares plunged over 20 percent in the company’s first week on the market, which is expected to effect how investors view Uber’s initial price point.