Uber has decided to make its giant market debut on the New York Stock Exchange. The transport app is anticipated to be valued at up to $120 billion (£91 billion).
The firm is choosing NYSE over the Nasdaq exchange where the majority of major tech stocks from the United States of America such as Microsoft, Amazon, and Apple are listed.
The NYSE has made a concerted bid to attract technology firms in the past years, capitalising on the botched Nasdaq listing of Facebook in 2012 in which the orders were cancelled because of a computer glitch. It has since attracted the likes of Twitter, Snap, and Alibaba.
The move will differentiate Uber from Lyft, its US rival which is anticipated to go public on the Nasdaq at the end of next week.
The flotation of Uber is expected in mid-April. It is expected to be the largest this year and one of the biggest ever. The appetite for the listings is anticipated to be strong despite some prospective investors having to accept huge losses for the foreseeable future.
Uber lost $865 million and reported slowing revenue in the final quarter of the previous year, while Lyft lost $911 million in all of 2018.
The two listings are considered to be included as some of the most high profile of a stampede of tech firms that are preparing to go public this year including Pinterest, Slack, and Airbnb. These so-called “unicorns” have waited longer than usual to make their way to public stock exchanges as they relied on billions in private equity capital to fund the growth of their companies.
Under Dara Khosrowshahi, the chief executive officer of Uber, the company has pushed into areas such as bike hire, car rental, and food delivery as it attempts to position itself as a firm that provides the digital infrastructure for transport, instead of merely a taxi-hailing app.
Travis Kalanick, its previous chief and founder, had bet heavily on driverless cars, however, the project was thrown into crisis in 2018 when one of its test vehicles caused the death of a pedestrian in Arizona.