REUTERS: Ride-hailing startup Uber Technologies Inc has hired a string of investment banks to its syndicate of initial public offering ...
REUTERS: Ride-hailing startup Uber Technologies Inc has hired a string of investment banks to its syndicate of initial public offering underwriters, as it ramps up preparations for a stock market debut, people familiar with the matter said on Tuesday.
These banks will support Morgan Stanley and Goldman Sachs Group Inc, which Uber hired late last year to lead its public offering, the sources added. Uber will make additional bank hires in the coming weeks to complete the IPO syndicate, the sources said. Several investment banks held off pitching Lyft for an IPO role in order to be hired by Uber, a more lucrative and high-profile assignment given its size and status. However, JMP Securities managed to get on both Uber and Lyft's IPO syndicates, showing that such overlap is possible, albeit mainly with more junior underwriting roles.Lending relationships between the companies and the banks have also proved important in winning IPO roles.
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