UBER, the freelance taxi platform, is seeking a $90bn net worth valuation in a US stock market bid. The taxi-app firm has said that its shares will be priced at between $44 and $50 each, with the share issue set to raise about $10bn. The new IPO price places Uber below the $100bn expected by some analysts. Uber have also announced that $500m of the bid is to be sold to payments giant PayPal.
Uber, which has been in business for a decade, is selling 180m shares in the offering, with a further 27m sold by company insiders. The company will now have to prove its worth to potential investors.
Not everyone involved is thrilled with the market division plans at Uber. Dedicated drivers in the US are reportedly planning a protest against plans to divide the company in fears that new shareholders will make too many changes to the already existing and successful platform.