Uber picks New York Stock Exchange for IPO

March 22 (UPI) -- Uber Technologies Inc. has selected the New York Stock Exchange for its initial public offering, now expected to happen in April.

The IPO could value the company as high as $120 billion, making it potentially the biggest public offering of the year. Uber will differ from other tech companies, including Google, Microsoft and Apple, which all trade on the Nasdaq. Uber's rival Lyft Inc. will have its IPO on Nasdaq next week.

Uber's CFO Nelson Chair used to be the finance chief for the NYSE and Uber board member John Thain was the CEO from 2004 to 2007.

Both Lyft and Uber filed confidential IPO documents with the Securities and Exchange Commission on the same day in December. Lyft has about 39 percent of market share in the U.S. as of December but only generated about one-fifth of Uber's $11.4 billion in revenue in 2018.

Lyft's IPO could value the company at $23.3 billion, about one-sixth of Uber's potential value.

Pinterest wants to capitalize on the momentum tech companies have right now by speeding the timing of its IPO to have it mid-April.