Uber trims valuation by $30bn ahead of IPO

Uber
Uber is seeking a $90bn to $100bn valuation as it looks to IPO onto the public markets as early as next month.  Credit: LUCY NICHOLSON /REUTERS 

Uber has trimmed its potential valuation by up to $30bn (£23bn) ahead of a much-anticipated initial public offering, as a lacklustre listing by rival firm Lyft has led the taxi-hailing app to cut back its estimates.

Investment bankers and analysts have previously estimated Uber to go public at a valuation of up to $120bn in what is expected to be the biggest tech flotation of the year.

But after a volatile market debut by its arch rival Lyft last month, which has seen the company’s shares dwindle below their listing price, Uber is now reported to be seeking a valuation between $90bn and $100bn.

The company has set its sights on the sale of $10bn worth of shares, sources told Reuters, and is expected...

Register for free to read this article, or log in to your Telegraph account