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Santa Claus rings the closing bell at the New York Stock Exchange. Photo: Roy Rochlin/Getty Images

Last week came news that Uber and Lyft have filed confidential IPO documents with U.S. securities regulators, while Slack has hired its IPO underwriter.

The temptation is to write that the companies are reacting to the public equities pullback, particularly in tech stocks, by rushing to price before the IPO window slams shut. The reality is that these plans have been in the works for months, including during the public equities surge in early Q3 and the post-Halloween sugar rush.

Moreover, filing confidentially now guarantees nothing in terms of market conditions for when these companies could actually go public. For context, Snap filed confidentially in mid-November 2016 and didn't list until the beginning of March 2017.

  • Filing confidentially now is a recognition that everything is about to shut down for a couple of weeks, so this puts them at the top of the queue once everyone's back at work on Jan. 2.
  • The "IPO window" is a real factor for smaller or even mid-sized issuers, but these three can go when they're ready, almost regardless of macro market conditions.

There's also been talk that Uber and Lyft are "racing" each other to go public first. This one is a bit more complicated.

  • In the end, first to market won't much matter. Yes, the initial issuer will set some road show narrative and valuation multiples, but it should all come out in the wash after both companies begin trading. Just ask Box and Dropbox — which is a better comp than you might reflexively think, given that Uber and Lyft are pretty different companies in terms of both scale and product offerings, despite their shared core business of U.S. ride-hail.
  • That said, these two companies really, really, really don't like each other. Some of that animosity has ebbed in the post-Kalanick era, but bragging rights remain a motivator.
  • Neither Lyft nor Uber knows when they'll be able to go public, given that they represent a new category for securities regulators (unlike, say, Slack). If there are lots of questions, then filing now ensures that the actual pricing won't leak into early summer.

Go deeper: The parallel universe of unicorns

Correction: An initial version of this story said that Slack had filed confidential IPO documents. It only has hired a lead underwriter.

Go deeper

Updated 28 mins ago - World

Up to 17 U.S. missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince earlier this month. Photo: Richard Pierrin/AFP via Getty Images

Children were among up to 17 American Christian missionaries and their relatives kidnapped by a gang in Haiti on Saturday, the New York Times first reported.

Details: The missionaries had just left an orphanage and were traveling by bus to the airport to "drop off some members" and planned to travel to another destination afterward when the gang abducted them in Port-au-Prince, Haitian security officials said, per the NYT.

Melbourne, "world's most locked-down city," to lift stay-at-home orders

Victorian Premier Daniel Andrews during a news conference in Melbourne, Australia, on Sunday. Photo: Quinn Rooney/Getty Images

Melbourne's stay-at-home orders will end five days earlier than planned, officials in Australia's second-biggest city announced Sunday.

Why it matters: The capital of the state of Victoria has had six lockdowns totaling 262 days since March last year. That means Melbourne's spent longer under lockdowns than "any other city in the world" during the pandemic, Reuters notes.

Venezuela suspends talks with opposition after Maduro ally extradited to U.S.

Venezuelan President Nicolás Maduro in Caracas, Venezuela, in June. Photo: Gaby Oraa/Bloomberg via Getty Images

A key ally of Venezuela's President Nicolás Maduro was extradited from Cape Verde to the U.S. Saturday to face money laundering charges in Florida, Bloomberg first reported.

Why it matters: Venezuela's government called off negotiations with opposition officials that were scheduled for Sunday in Mexico in response to the extradition of Alex Saab, a Colombian businessman and financial fixer for Maduro. Security forces placed six U.S. oil executives under house arrest later Saturday, per AP.