Uber aims for $90bn stock market debut

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Uber has revealed that it is seeking a valuation of $90bn (£70bn) in its much anticipated stock market flotation.

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.

As part of the offer it will sell $500m worth of shares to payment giant, PayPal.

Uber warned earlier this month that it may never make a profit.

The IPO price values the company below the $100bn some had expected it to aim for.

As well as the original “ride-hailing” business, Uber is developing driverless cars, and has a food delivery business, Uber Eats.

Alongside details of the Initial Public Offering (IPO), Uber also revealed its latest quarterly figures.

These showed that its drivers made 1.5 billion passenger journeys during the first three months of 2019, but the company reported a net loss of about $1bn.

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