Ride-hailing firm Uber has been valued at $82billion (£63billion) as the controversial minicab app sets itself for a much anticipated stock market flotation. Despite earlier valuations of up to $120billion from the American tech firm, shares are expected to enter at the lower end of the price range expected at $45 a share.
The low share price is said to be in response to its rival Lyft who recently floated and swiftly saw its shares drop by up to a third since its listing last month.
It’s well documented that Uber have failed to make a profit, losing $3billion in 2018 and approximately $9billion in total since 2009. In a recent announcement to potential investors the company also warned it may never be profitable. The San-Francisco based companies flotation comes just days after drivers around the world went on strike to highlight concerns over pay and workers rights.