Morgan Stanley to lead IPO for Uber: sources

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 US$120 billion.

It’s a 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 U.S. and is expected to be the biggest listing next year. The San Francisco-based startup filed confidentially Thursday after rival Lyft Inc. announced that it had filed, one of the people said.