Uber to list on the New York Stock Exchange

Ride-hailing firm Uber will list on the New York Stock Exchange, according to reports, in one of the most anticipated stock debuts of the year.

The decision to opt for the Wall Street exchange over the tech-heavy Nasdaq was first reported by Bloomberg, citing sources.

It comes as smaller, ride-sharing rival Lyft prepares to list on the Nasdaq. Uber is expected to launch its initial public offering (IPO) in April and may be valued as high as $120bn (£91.4bn), reports BBC.

The company did not immediately respond to a request for comment on the reports it would list on the New York Stock Exchange.

Other major technology companies including Google, Apple and Facebook trade on the Nasdaq. But the New York Stock Exchange has secured some of world’s biggest IPOs including Alibaba and General Motors.

Uber’s IPO comes as investors have shown a strong appetite for new stock listings. Shares in denim icon Levi Strauss surged on its return to the stock market after 34 years. The price shot higher immediately after Wall Street opened – and closed up 31.8% – valuing the company at $8.7bn.

Analysts said the success of the listing bodes well for investor appetite for other flotations planned this year, including Pinterest, Airbnb, Slack and Uber.

DISRUPTIVE FORCE

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 company has also faced legal action in the UK and US over its classification of drivers as self-employed contractors, rather than as workers.

A series of scandals dogged Uber in 2017, including sexual harassment claims made by female employees, data breaches, the use of illicit software to thwart government regulators, and the forced resignation of its chief executive Travis Kalanick.

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This article has been posted by a News Hour Correspondent. For queries, please contact through [email protected]
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