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Uber planning stock market flotation ‘in April’

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Ride-hailing taxi app firm Uber is to launch its initial public offering in April, the Reuters news agency reports.

Uber will register securities with US regulator the SEC in April, as well as launching an investor roadshow, Reuters said.

Rival Lyft went through the same process on 1 March, and will complete its offering by the end of this month.

Both Uber and Lyft confidentially told the regulator they wanted to float on the stock market in 2018.

Uber, which started in 2009, was most recently valued at $76bn in the private market. It is seeking a valuation as high as $120bn.

Controversy

Uber has been controversial for disrupting the taxi industry in more than 60 countries.

It continues to face opposition from both private hire drivers and regulators in several jurisdictions.

The ride-hailing taxi app firm has also faced legal action in the UK and US over its classification of drivers as self-employed contractors, rather than as workers.

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