Uber valuation to cross $91.5bn

Uber, the car-hailing group is seeking a valuation of £70.46 ($91.5bn) in its flotation to become Silicon Valley’s biggest initial public offering since Facebook. It is pitching its shares to investors at $50 as other highly valued tech companies including Pinterest, Slack and Zoom are following them to the public markets.

Uber is expected to raise $9bn from IPO while existing investors like Softbank, Benchmark and co-founders Travis Kalanick and Garett Camp could sell up to $1.4bn of their stock.

In addition to public listing , Uber is selling about $500m worth of stock to Paypal in private placement at the IPO price. Paypal processes payments for UBer in the US and several other countries, and they are developing Uber’s digital wallet . Uber’s filing shows big spending on holding market place, the revenue growth slowed to 18-20 per cent in the first quarter, against 70 per cent a year ago. The first quarter figures revealed losses of $1bn.