Uber sets IPO in motion, seeks to ‘ignite opportunity’

San Francisco: Uber filed documents on Thursday for its much-anticipated public share offering expected to be the largest in the tech sector in years, and a bellwether for other venture-backed start-ups eyeing Wall Street listing. The filing with the Securities and Exchange Commission contained no specific pricing or timing for the market debut for Uber, which according to media reports was expected to raise some $10 billion. Uber’s valuation in its latest private investment round was more than $70 billion, but reports said the ride-hailing giant was likely to seek a market value of close to $100 billion. The filing noted that Uber offers ridesharing in some 700 cities but has bolder ambitions to reshape how people and goods are transported with operations such as meal deliveries, freight, electric bikes and scooters. — AFP