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Uber picks NYSE for its US$120bn IPO next month – media reports

The ride-hailing app giant is set to list on the New York Stock Exchange in April, according to Bloomberg, which cited people familiar with the matter
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Uber looks set to be one of the biggest US listings of all time

Uber has reportedly picked the New York Stock Exchange for its upcoming and highly-anticipated initial public offering, which could value the taxi and food delivery app at as much as US$120bn (£91bn).

The decision, which was first reported by Bloomberg, hands the exchange what will almost certainly be its biggest listing of 2019 and one of its five largest of all time.

Alibaba Group Holding Ltd (NYSE:BAB) holds the record after it sold US$25bn worth of shares on its NYSE debut in 2014.

READ: Uber files for IPO as it kicks off race to float with rival Lyft

To get itself in the top five, Uber, which is said to be looking to go public in April, would have to float around 16% of its shares.

The decision to go with the NYSE and its iconic Wall Street trading floor means Uber will take a different IPO route to its smaller rival, Lyft, which will start trading next week on the Nasdaq.

That exchange has traditionally been the go-to exchange for tech giants and boasts the likes of Alphabet Inc (NASDAQ:GOOG), Microsoft Corporation (NASDAQ:MSFT) and Apple Inc (NASDAQ:AAPL).

But since a technical glitch during Facebook Inc’s (NASDAQ:FB) Nasdaq flotation in 2012, the NYSE has managed to attract large tech companies such as Twitter Inc (NYSE:TWTR), Snap Inc (NYSE:SNAP) and Alibaba Group Holding Ltd (NYSE:BAB).

The NYSE has no doubt been aided by its Uber connections. The company’s chief financial officer Nelson Chai was once the finance boss of the exchange, while Uber board member John Thain enjoyed a three-year stint as the NYSE’s chief executive in the mid-noughties.

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Article
April 12 2019

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