Uber's stock will start trading on May 10, 2019, the latest in a spate of high-profile initial public offerings. It will go public a decade after its founding, having raised more than $20 billion in the private market, according to PitchBook, including from some well-known mutual funds.
Prominent startups have had no trouble raising cash in recent years, which delayed IPOs and prompted some mutual funds to invest as their market caps grew. Morningstar's 2016 report revealed that ride-sharing firm Uber was the most popular choice, with 52 funds owning it at the time. Uber's terms meant managers weren't allowed to simultaneously invest for a period of time in its U.S. competitor Lyft, leading to just two funds investing in Lyft as of 2016. (Fidelity eventually invested in Lyft in 2017 and was that company's most prominent pre-IPO mutual fund backer.)
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Katie Rushkewicz Reichart does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.