Uber picks Morgan Stanley to lead next year’s IPO

Bloomberg

Uber Technologies Inc has selected Morgan Stanley to lead its public offering next year, according to two people familiar with the matter, meaning the investment bank will reap a larger share of the fees associated with a listing valuing the company at as much as $120 billion.
It’s another big win for Morgan Stanley banker Michael Grimes, who has become the go-to adviser for many of Silicon Valley’s largest IPOs.
Goldman Sachs Group is also expected to play a role in shepherding Uber through the IPO process, according to the people, who asked not to be identified because the decision hasn’t been made public. Morgan Stanley declined to comment. Goldman Sachs didn’t respond to a request for comment.
Uber’s public offering could be one of the five largest of all time in the US and is expected to be the biggest listing next year. The San Francisco-based startup filed confidentially after rival Lyft Inc announced that it had filed, one of the people said. Bloomberg previously reported that Morgan Stanley helped Uber to draft its IPO prospectus. Uber hasn’t yet selected other banks to fill out the IPO paperwork but will round out the syndicate as it gets closer to going public.
JPMorgan Chase & Co is leading Lyft’s public offering with the help of Credit Suisse Group AG and Jefferies Financial Group Inc. Bankers have told Lyft it could be valued anywhere from $18 billion to $30 billion, people familiar with the matter have said.