Equities

Reuters reveals Uber plans to sell around $10 bln worth of stock in IPO; Lyft shares drop

Reuters reveals Uber plans to sell around $10 bln worth of stock in IPO; Lyft shares drop

Shares of ride-hailing startup Lyft Inc dropped as much as 7 percent after Reuters was first to report that its larger rival, Uber Technologies Inc, has decided it will seek to sell around $10 billion worth of stock in its initial public offering, which will be completed by early May. An IPO of this size would make Uber one of the biggest technology IPOs of all time, and the largest since that of Chinese e-commerce giant Alibaba Group Holding Ltd in 2014.